Consumer confidence about business conditions and the labor market fell more than expected in July, according to a new report.
The consumer confidence index stood at 46.6, down from 49.3 in June, according to a report this morning by the New York-based Conference Board.
A survey of analysts by Bloomberg had expected to the index to decline on average only to a median of 49 points, although individual estimates ranged from 44 to 56.
The survey contacted a representative sample of 5,000 U.S. households with a cutoff date of July 21 for the preliminary results.
“Consumer confidence, which had rebounded strongly in late spring, has faded in the last two months,” said Lynn Franco, Director of the Conference Board Consumer Research Center in a released statement.
The index tracks consumers’ points of view on business conditions and the labor market for both the current conditions and their short term outlook.