After reaching a five-year high in June, consumer confidence fell slightly in July. According to the Conference Board, the Consumer Confidence Index slipped to 80.3 for July from 82.1 in June, falling further than the 81.1 analysts expected, according to a MarketWatch report.
The drop in consumer confidence for July can be attributed to a less optimistic view among consumers over the next six months, according to the Index. The Expectations Index also dropped in July, from 91.1 to 84.7.
According to the Conference Board, employment concerns have attributed to the dip, with Americans seeing fewer jobs being available later in the year. The percentage of people who expect more jobs in the months ahead declined to 16.5% from 19.7%, while the number who anticipate few jobs rose to 18.1% from 16.1%.
Consumers expressed greater optimism about the current economy as the Present Situation Index climbed to 73.6 from 68.7 to mark its highest level since early 2008.