Consumer Confidence Dropped Last Month
Date: 7/28/2010
In yet another sign that the economic recovery may be stalled, consumer confidence has apparently continued its retreat in recent weeks.

According to the Conference Board, its monthly Consumer Confidence Index now stands at 50.4, marking a notable decline from the 54.3 that was recorded in June.

In other indicators, the board's Expectations Index fell from 72.7 to 66.6 in the past month, while the Present Situation Index was down from 26.8 to 26.1.

"Consumer confidence faded further in July as consumers continue to grow increasingly more pessimistic about the short-term outlook. Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves," said Lynn Franco of the Conference Board's Consumer Research Center.

Franco went on to predict that current indicators will not bode well for retail companies in the rapidly approaching back to school season. In other findings, the monthly survey found an increase in the number of people who call current economic conditions bad (43.6 percent), while 45.8 percent of the public finds jobs to be still hard to get.