Economics
U.S. Consumer Confidence Retreats on Diminished Expectations
- Conference Board’s index drops to 92.6, weaker than forecast
- Measure of six-month expectations drops by most since March
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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 impact 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.