Consumer confidence took a dive this month.
The Conference Board’s consumer confidence index fell to 90.9 in July, a 10-month low.
Economists had estimated that the index fell to 100.0 from 101.4 in June.
In the release, the Conference Board’s Lynn Franco said: “Consumer confidence declined sharply in July, following a gain in June. Consumers continue to assess current conditions favourably, but their short-term expectations deteriorated this month.”
“A less optimistic outlook for the labour market, and perhaps the uncertainty and volatility in financial markets prompted by the situation in Greece and China, appears to have shaken consumers’ confidence. Overall, the Index remains at levels associated with an expanding economy and a relatively confident consumer.”