Conference Board News Release (07/28/15)
The Conference Board Consumer Confidence Index, which had improved in June, declined in July. The index now stands at 90.9, down from 99.8 in June. The Present Situation Index decreased moderately from 110.3 in June to 107.4 in July, while the Expectations Index declined sharply from 92.8 in June to 79.9 in July.
“Consumers continue to assess current conditions favorably, but their short-term expectations deteriorated this month,” says Lynn Franco, director of economic indicators at the Conference Board. “A less optimistic outlook for the labor 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.”
Consumers were slightly less positive about the job market. Those stating jobs are “plentiful” decreased from 21.3% to 20.7%, while those claiming jobs are “hard to get” increased marginally from 26.1% to 26.7%.