Consumer Confidence Falls in July Amid Coronavirus Surge – By Claire Hansen (US News) / July 28 2020
Consumers’ economic expectations for the near-term suffered this month as the coronavirus battered areas across the country.
U.S. CONSUMER confidence fell in July to a reading of 92.6 as coronavirus cases surged around the country, shuttering some bars and other businesses and raising concerns about the future of the economy.
The Conference Board reported Tuesday that the index fell in July from a reading of 98.3 in June. The drop is more significant than economists predicted, and is due mainly to a decrease in consumers’ economic expectations for the short-term future.
The dip in the reading is the latest indicator that the recent rise in coronavirus cases has stalled the economy’s fledgling recovery from the pandemic-induced recession.
The index is closely watched because it is a measure of how optimistic U.S. consumers are about their financial position and signals how much consumers will spend in the future. Consumer spending accounts for some 70% of the American economy.
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