WASHINGTON — U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country.
The Conference Board, a New York research organization, reported Tuesday that its
The Conference Board said that the large decline in the expectations index reflected big drops in sentiment in Michigan, Forida, Texas and California, all states that have seen a resurgence in coronavirus cases.
About 4.2 million confirmed COVID-19 cases have been reported in the United States, according to Johns Hopkins University, and there have been more than 146,000 deaths.
“Consumers have grown less optimistic about the short-term outlook for the economy and
“Such uncertainty about the short-term future does not bode well for the recovery, nor for consumer spending,” he said.
Robert Frick, an economist at Navy Federal Credit Union, said the big drop in consumer expectations could reflect the fact that many Americans see a fiscal cliff looming.
“More consumers see drops in business conditions and more see fewer jobs ahead,” he said. “The jobs market is slowing, and may be stalling due to the rise in COVID-19 infections and bankruptcies.”
The overall index stood at a high for this year of 132.6 in February before the pandemic forced shutdowns across the country in March and April.
Martin Crutsinger, The Associated Press