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US consumer confidence tumbles in July as COVID-19 spreads

US consumer confidence tumbles in July as COVID-19 spreads Photo: ABC News, file

MARTIN CRUTSINGER AP Economics Writer
Created: July 28, 2020 10:12 AM

WASHINGTON (AP) - U.S. consumer confidence had a sharp drop in July to a reading of 92.6 as coronovirus cases in many parts of the country began rising again. The Conference Board, a New York-based research organization, said its Consumer Confidence Index fell from a June reading of 98.3.

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The weakness came from a drop in the expectations index, which measures consumers’ views about the short-term outlook for income, business and labor market conditions.

The consumer confidence index is closely watched for signals it can send about future consumer spending, which accounts for 70% of economic activity.
 

Credits

MARTIN CRUTSINGER AP Economics Writer

Copyright 2020 The Associated Press. All rights reserved.

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