Loading ...US Economic & Consumer Confidence Plunges To 10-Month Lows As “Hope” Crashes
Tyler Durden on 07/28/2015
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The Conference Board just reported that US Consumer Confidence, having bounced in June, has collapsed in July (and saw the bounce revised drastically lower). At 90.9, this is the lowest since September 2014 and is below the lowest economist estimate. More worrying is the crash in “hope” – as consumer expectations plunge from 92.8 to 79.9 (lowest since Feb 2014). This should not be a surprise since Gallup has been indicating fading confidence in its weekly survey for a while. 57% of Americans believe the US economy is “getting worse,” which has left Gallup’s Economic Confidence Index tumbling to its lowest in 10 months.
Confidence plunges…—Driven by a collapse in Hope…
Gallup’s Economic Confidence Index continued its gradual, downward slide, reaching -14 for the week ending July 26. This represents a 10-month low for the index.