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United States Consumer Confidence July 2020

United States: Consumer confidence falls in July

The Conference Board’s consumer confidence index decreased to 92.6 in July from 98.3 in June. Therefore, the index fell further below the 100-threshold that separates pessimism from optimism. July’s result fell short of market expectations of 94.5 and likely reflected increased concerns amid a significant pick up in new Covid-19 cases and a tightening of lockdown measures in some parts of the country.

American households’ assessment of the current state of the economy increased, but their confidence about the short-term outlook for income and business conditions declined in July.

Lynn Franco, senior director of economic indicators at the Conference Board, noted:

“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. Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending.”

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