Consumer confidence down to 95.7 in July
Global consumer confidence fell for the third consecutive month in July to 95.7, according to non-profit research firm The Conference Board (CB).
In its latest Consumer Confidence Index, CB reported that the decrease is driven by a decline in the Present Situation Index. The Expectations Index, meanwhile, held relatively steady below a reading of 80, suggesting that recession risks persist.
The Conference Board Senior Director of Economic Indicators Lynn Franco noted that inflation and surging gas and food prices remained top concerns for consumers and weakened their expectations.
July also saw a further decline in purchasing intentions for cars, homes, and major appliances.
Consumers’ appraisal of current business conditions was less favorable in July as 17.0% said business conditions were “good,” down from 19.5% in June.
Consumers’ assessment of the labor market was also less optimistic, with 12.3% of consumers saying that jobs were “hard to get,” up from 11.6%.
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