US consumer confidence weakens to 17-month low

Consumer Confidence Index hits 95.7 in July, falling for third consecutive month

By Tuba Sahin

ANKARA (AA) - US consumer confidence weakened for a third consecutive month to a 17-month low in July, according to data released Tuesday by the New York-based global research group The Conference Board.

The Consumer Confidence Index fell 2.7 points from a month ago to 95.7, below the market forecast of 97.2.

The Present Situation Index, based on consumers’ assessment of current business and labor market conditions, fell to 147.3 from 147.2.

The Expectations Index, based on consumers’ short-term outlook for income, business, and labor market conditions, slipped to 66.3 from 65.8.

"As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July," Lynn Franco, the senior director of economic indicators at the Conference Board, said in a statement.

Franco added that higher inflation and additional rate hikes will hit consumer spending and economic growth in the next six months.

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