U.S. consumer confidence ebbed in July amid a flare-up in COVID-19 infections across the country, which is threatening the economy's recovery from an unprecedented recession caused by the pandemic.
FILE PHOTO: A shopper is seen wearing a mask while shopping at a Walmart store, in North Brunswick, New Jersey, U.S. July 20, 2020. REUTERS/Eduardo Munoz
The Conference Board said on Tuesday its consumer confidence index dropped to a reading of 92.6 this month from 98.3 in June. Economists polled by Reuters had forecast the index would drop to 94.5 in July. “Large declines were experienced in Michigan, Florida, Texas and California, no doubt a result of the resurgence of COVID-19,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market and remain subdued about their financial prospects.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US consumer confidence tumbles in July as COVID-19 spreadsWASHINGTON (AP) — U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country. The Conference Board, a New York-based research...
Read more »
Covid-19 forces LA Michelin Star restaurant to closeTrois Mec, which earned a Michelin Star in 2019, is the latest Los Angeles restaurant to close after the pandemic destroyed its profits.
Read more »
UK tells people: eat less to reduce COVID-19 death riskBritish people should eat less to lose weight as being obese increases the risk of dying from the novel coronavirus, junior health minister Helen Whately said on Monday.
Read more »
Fashion designer makes hospital-grade hijabs for COVID-19 front-line workersAs someone who's worked in the health care space for more than 10 years, Hilal Ibrahim, 25, noticed a need for hospital-grade hijabs during these unprecedented times.
Read more »
“Goldman Sachs Is Still Goldman Sachs”: Investment Banks Soar as COVID-19 Rattles EconomyTrading and underwriting are up at Goldman and Morgan Stanley, while memories of the 2008 financial collapse fade. “This is not a normal recession,” says Jamie Dimon.
Read more »