Con­sumer con­fi­dence dwin­dles de­spite ris­ing cor­po­rate prof­its

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

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.

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