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Americans’ confidence in US economy falls as Iran conflict sends gas prices higher
The Conference Board said its consumer confidence index fell to 90.8 as respondents cited higher gas, food and grocery prices.
- On Tuesday, The Conference Board reported Americans' economic confidence fell in July to 90.8 from 92.2, as escalated fighting between the U.S. and Iran pushed gas prices higher.
- Following attacks by the U.S. and Israel in late February, Iran shut down the Strait of Hormuz, through which roughly one-fifth of the world's oil travels, causing fuel costs to spike.
- AAA reported gas prices reached $4.10 on Tuesday, up from around $3.70 in June; Consumers' assessment of current business and labor market conditions dropped to 114.9, marking three consecutive monthly declines.
- Elevated grocery prices accelerated inflation and reduced Americans' inflation-adjusted incomes, yet Views about their near-term futures held steady from last month with a reading of 74.7.
- Write-In responses to the survey, collected from July 1 to July 22, remained pessimistic, though The Board noted references to gas prices dipped slightly while staying elevated overall.
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US Consumer Sentiment Rebounds in July, but High Everyday Prices Still Squeeze Households
US consumer confidence edged higher in July as inflation expectations eased, yet households remained under strain from elevated prices for essentials such as groceries, housing and utilities. Americans entered the second half of the year with a more stable view of the economy, but the improvement in sentiment has not offset concerns about everyday costs. The Conference Board's Consumer Confidence Index, a closely watched measure of consumer view…
·United Kingdom
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High gasoline prices and inflation resumed economic uncertainty among Americans
·Los Angeles, United States
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The Toronto Star+3 Reposted by 3 other sources
Americans’ confidence in US economy fell this month as Iran conflict sent gas prices back up
WASHINGTON (AP) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting.
·Toronto, Canada
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Total News Sources38
Leaning Left17Leaning Right0Center17Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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