Consumer confidence slips in July

The board’s monthly index now stands at 80.3, down from 82.1 in June. 

The index remains close to a five-year high despite the slight decrease and the Conference Board said the economy continues to improve. 

{mosads} “Consumer Confidence fell slightly in July, precipitated by a weakening in consumers’ economic and job expectations. However, confidence remains well above the levels of a year ago,” Board economist Lynn Franco said. “Overall, indications are that the economy is strengthening and may even gain some momentum in the months ahead.”

Within the index, consumers remained robust on current conditions but expressed more concern about the future of the economy and job market.

While the housing recovery remains strong, pending home sales dipped in June as mortgage interest rates increased. The pain of the $80 billion federal budget sequester is also being felt in some quarters.