Consumer Confidence in the US Marks 2-Year Low
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Data from Thomson Reuters and the University of Michigan Friday showed a steep decline in the sentiment of US consumers during the month of July.
Following one of the strongest recent consumer confidence readings at the end of May, the survey tumbled from 71.5 in June to 63.8 for this month. The weak number surprised economists as many had expected declining crude oil prices even in the face of very concerning jobs and housing data to give a boost to consumers. The Street had been looking for a July consumer confidence reading of 72.2.
Friday's report marks the lowest level of consumer sentiment since mid-2009.
Stocks declined following the release of the data point, offsetting gains in futures trading amid better-than-expected results at both Google and Citi. Heading into the afternoon trading session, the Dow Jones is up 13, the Nasdaq is up 18 and the S&P 500 is up almost 4 points.
Following one of the strongest recent consumer confidence readings at the end of May, the survey tumbled from 71.5 in June to 63.8 for this month. The weak number surprised economists as many had expected declining crude oil prices even in the face of very concerning jobs and housing data to give a boost to consumers. The Street had been looking for a July consumer confidence reading of 72.2.
Friday's report marks the lowest level of consumer sentiment since mid-2009.
Stocks declined following the release of the data point, offsetting gains in futures trading amid better-than-expected results at both Google and Citi. Heading into the afternoon trading session, the Dow Jones is up 13, the Nasdaq is up 18 and the S&P 500 is up almost 4 points.
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