Present Situation Posts Biggest Drop in a Year, Expectations Hit 9-Year Low
Source: Economics Group of Wells Fargo Bank, N.A.
Summary
The third consecutive monthly decline in consumer confidence to 95.7 in July came with somewhat unsettling developments in the details, with the present situation index falling by the most in 12 months and the expectations component hitting its lowest since 2013.
No Silver Linings, In Fact, These Clouds are Darkening
Amid high inflation, rising interest rates and volatile financial markets, consumer confidence fell for the third straight month in July. A few weeks ago, in describing the rapid deterioration in the economy, the title of our weekly commentary was “This Party is Breaking up Fast.” That worsening continued with today’s report showing the biggest monthly decline in the present situation index in a year. READ FULL ARTICLE>>