US consumer confidence tumbles in July as COVID-19 spreads
Jul 28, 2020 | 8:22 AM
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WASHINGTON — U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country.
The Conference Board, a New York-based research organization, reported Tuesday that its consumer confidence index fell from a June reading of 98.3. The weakness came from a drop in the expectations index, which measures consumer views about the short-term outlook for income, business and labour market conditions.
The consumer confidence index is closely watched for signals it can send about future consumer spending, which accounts for 70% of economic activity.
