CB: U.S. July Consumer Confidence Dips on Inflation Worry


   
   SECAUCUS, NJ (DTN) -- U.S. consumer confidence edged downward in July as 
consumers grew less positive about current economic conditions, the Conference 
Board said in a survey disclosed Tuesday (7/28).

   The headline confidence index fell 1.4 points to 90.8 this month, the 
Conference Board reported.  It noted that the survey period, from July 1 to 
July 22, encompassed the ongoing Middle East conflict that had sent food and 
grocery prices, along with consumers' expectations of inflation, soaring.

   The July drop was enhanced by a revision in the June reading to 92.2 from a 
prior 91.5.

   Consumer confidence was "continuing a general downward sloping trajectory 
since late 2021," noted Dana M. Peterson, chief economist at the Conference 
Board, in a news release.

   The confidence index measures household optimism that fuels roughly 70% of 
the U.S. economy through consumer spending.

   Consumers' assessment of current conditions -- the present situation index 
-- fell 3.6 points to 114.9 in July, marking its third straight monthly decline.

   The expectations index, which gauges the short-term economic outlook, 
remained unchanged at 74.7 -- well below the 80-point threshold often 
associated with an upcoming recession.




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