Consumer Confidence Index Decreases for the Third Consecutive Month

According to The Conference Board’s July 26, 2022 press release, the Consumer Confidence Index fell for the third consecutive month to 95.7 (1985=100) in July, representing a more moderate 2.7 point month-over-month lowering compared to the sharper 4.5 point decline in June. The Present Situation Index lowered 5.9 points from 147.2 in June to 141.3, in contrast to the nominal 0.4 point lowering last month — a sign economic growth has slowed at the start of Q3 2022. Although the Expectations Index held relatively steady, lowering 0.5 points to 65.3, the index remains well below a reading of 80, suggesting recession risks persist and concerns about inflation — rising gas and food prices, in particular — continued to weigh on consumers.