Consumer confidence dwindles despite rising corporate profits
Consumers’ confidence in the U.S. economy faded further in July, according to a monthly survey released Tuesday, amid job worries and skimpy wage growth. That was at odds with Wall Street’s recent rally, which was fueled by upbeat reports on corporate earnings.
The Consumer Confidence Index came in at 51.0 in July, a steeper-than-expected decline from the revised 54.3 in June, according to a survey the Conference Board. The decline follows last month’s decline of nearly 10 points, from 62.7 in May, and is the lowest point since February. It takes a reading of 90 to indicate a healthy economy — a level not seen since the recession began in December 2007.