The Conference Board said that its Consumer Confidence Index, which retreated last month, fell to 46.6, down from 49.3 in June.
Both components of the consumer confidence gauge fell this month. According to the Conference Board, The Present Situation Index, which measures shoppers' current assessment of the economy, declined to 23.4 from 25.0 last month. The Expectations Index, which measures shoppers' outlook over the next six months, fell to 62 from 65.5 in June.
"Consumer confidence, which had rebounded strongly in late spring, has faded in the last two months," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.
She noted that the decline in the Present Situation Index was caused primarily by a worsening job market. The deteriorating outlook for consumers was "more the result of an increase in the proportion of consumers expecting no change in business and labor market conditions." However, Franco said, "More consumers are pessimistic about their income expectations, which does not bode well for spending in the months ahead."
Thirteen cities showed monthly increases, with the best results in Cleveland, Dallas, and Boston.
The 10-city index rose 0.4 percent from April, but was off 16.8% from May last year. It was the fourth consecutive month both indexes showed slowing price declines.
to Daily News