US consumer confidence is falling

Consumer confidence has cooled off.

The final reading on consumer confidence in July from the University of Michigan came in at 93.1, worse than expected and down 3 points from last month.

Expectations were for the reading to come in at 94, better than the 93.3 preliminary reading.

In a release, Richard Curtin, chief economist for the survey, wrote that, “Consumer confidence slipped a bit in the July 2015 survey.”

Curtin added that, “a disappointing pace of economic growth was the main reason for the small decline in consumer confidence. Nonetheless, the data provide no indication of a break in the prevailing positive trend. Indeed, the Sentiment Index has averaged 94.5 since December 2014, the highest eight month average since 2004.”

Curtin also noted that negative developments in Greece and China “had virtually no impact” on the reading.

This report follows a consumer confidence report from The Conference Board earlier this week that was a big disappointment, with confidence tumbling to a 10-month low.

More to come …

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