Conference Board July Consumer Confidence Index Slips to 80.3

The consumer confidence index declined to 80.3 in July from a revised 82.1 last month, The Conference Board reported Tuesday.

The June index was originally reported as 81.4.

The present situation index grew to 73.6 from 68.7, while the expectations index fell to 84.7 from 91.1.

Economists polled by Thomson Reuters predicted an 81.3 reading for the index.

"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," said Lynn Franco, director of The Conference Board's Consumer Research Center. "Consumers' assessment of current conditions continues to gain ground and expectations remain in expansionary territory despite the July retreat. Overall, indications are that the economy is strengthening and may even gain some momentum in the months ahead."

Business conditions were called "good" by 20.9% of respondents in July, up from 19.4% in June. Those saying conditions are "bad" slid to 24.5% from 24.9%.

The percentage of consumers expecting a pickup in business conditions in the next half year fell to 19.1% from 21.4%, while 11.2% said they expect conditions to worsen, virtually unchanged from the prior month.

On the jobs front, those who believe jobs are "plentiful" climbed to 12.2% in July from 11.3% in June, while the number saying jobs are "hard to get" slid to 35.5% from 37.1%. The respondents who see fewer jobs becoming available in a half year, increased to 18.1% from 16.1%. Those expecting more jobs to become available dropped to 16.5% from 19.7%, The Conference Board reported.

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