The Conference Board Consumer Confidence Index for July dropped to 95.7, a decrease from 98.4 in June. Some key points from the latest data include, just 17% of consumers who say business conditions are “good” – down 2.5%. Also, 24% say that conditions are bad – up 1.2%.
Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The decrease was driven primarily by a decline in the Present Situation Index—a sign growth has slowed at the start of Q3. The Expectations Index held relatively steady, but remained well below a reading of 80, suggesting recession risks persist. Concerns about inflation—rising gas and food prices, in particular—continued to weigh on consumers.”
According to the survey of more than 36 million consumers, short-term financial prospects are deemed “pessimistic.