COVID-19 Cases Rise. Consumer Confidence Sinks.
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Reuters Reports: Rising COVID-19 cases dent U.S. consumer confidence; housing market presses ahead
This July, consumer confidence has fallen further than expected. This threatens the recovery of the U.S. economy after the recession caused by the pandemic.
The survey from the Conference Board on Tuesday showed consumers gloomy about the economy’s prospects over the next six months. The ebb in confidence comes as millions of unemployed Americans are set to loose a $600 weekly jobless benefit supplement on Saturday.
The consumer confidence infest dropped to 92.6 this month; it was 98.3 in June. The expected forecast by economists was 94.5 for July.
The reopening of businesses has boosted economic activity in recent months, but left the country struggling to contain the resurgence in new cases of the coronavirus, forcing some authorities in the hard-hit South and West regions to either close businesses again or halt reopenings.
Consequently, thousands of Americans filed for unemployment benefits and the economy slipped into a recession.
The Conference Board survey’s present situation measure, based on consumers’ assessment of current business and labor market conditions, rose to a reading of 94.2 this month from 86.7 in June. But the expectations index based on consumers’ short-term outlook for income, business and labor market conditions dropped to 91.5 from a reading of 106.1 in June.
That was the biggest drop since March, which was the fifth largest decline on record.
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