Consumer confidence falls for the third consecutive month in the United States

( Business) –– Americans’ pessimism about the country’s economy has increased again over the past month. This is revealed by the most recent survey of consumer attitudes, intentions and expectations carried out by The Conference Board.

The consumer confidence index for July fell to 95.7: a figure lower than that of the June revised report which marked 98.4, which was adjusted downward by 0.3 points.

This is the third month in a row that the index has declined. Precisely, in a drop driven by consumer annoyance at the state of current business conditions.

However, the index that tracks assessments of current business and labor conditions fell to 141.3 from 147.2, according to the report.

This is a sign that growth has slowed in the third quarter, Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement.

What do consumers expect in the future?

Consumer expectations for the next six months remained relatively stable. However, they remain at a level that suggests recession risks persist, Franco said. He also added that inflation continues to weigh heavily.

“As the Federal Reserve raised interest rates to control inflation, purchase intentions for cars, homes and major appliances fell further in July,” Franco said. “Looking ahead, inflation and further rate increases are likely to continue to present strong headwinds to consumer spending and economic growth over the next six months.”

News in development…