facebook
twitter
rss
account
search
search
 

Consumer confidence declined in July

July 27, 2010 at 3:08 PM   |   Comments

NEW YORK, July 27 (UPI) -- U.S. consumer confidence fell in July for the second consecutive month, the Conference Board said Tuesday.

The monthly Consumer Confidence Index, which uses 1985 as a base year with an assigned value of 100, fell from 54.3 in June to 50.4, the research group said.

Prior to June, the index had risen for three consecutive months.

In July, the monthly survey of 5,000 households found the number of respondents indicating economic conditions were "good" increased from 8.4 percent to 9 percent. However, the number of respondents indicating conditions were "bad" rose from 41 percent to 43.6 percent.

The percentage of respondents indicating jobs were "plentiful" was unchanged at 4.3 percent while the number indicating jobs were "hard to get" increased from 43.5 percent to 45.8 percent.

"Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves. Given consumers' heightened level of anxiety, along with their pessimistic income outlook and lackluster job growth, retailers are very likely to face a challenging back-to-school season," said Lynn Franco, director of the Conference Board Consumer Research Center.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Only 1 in 5 insurers cover volcanic ash
2
Twinkies' Chicago facility to close
3
Corona Extra recalled due to glass particles in beer
4
GenDyn to study new guidance system for ICBMs
5
Damen, Astinave in patrol boat deal
Trending News
Video
x
Feedback