U.S. consumer confidence declined in July by more than forecast as Americans became rattled by the recent increase in COVID-19 cases and its effect on the economy and the job market.
The Conference Board’s index decreased to 92.6 from a revised 98.3, according to a report issued Tuesday. The median estimate of economists surveyed by Bloomberg called for a reading of 95 in July. The group’s gauge of expectations fell by the most since March, while household sentiment about current conditions climbed.
“Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects,” Lynn Franco, senior director of economic indicators at the Conference Board, said in a statement. “Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.”Confidence deteriorated in California, Texas, Florida and Michigan, the report showed, as the virus spread.
Almost 32% of consumers said they expect better economic conditions six months from now, down from 42.4% a month earlier. Fewer than 31% see more job availability, compared with 38.4% in June. Income expectations, however, remained relatively stable.
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