Consumer confidence is down once again after picking up in June, with U.S. citizens growing more concerned about jobs and the overall economy.
The Conference Board made that conclusion in its latest Consumer Confidence Survey. This month, the firm's consumer confidence index hit 80.3, down from 82.1 in June.
The monthly consumer confidence survey is based on a random sampling and the cutoff date for the preliminary results was July 18.
"Consumer confidence fell slightly in July, precipitated by a weakening in consumers’ economic and job expectations," said Lynn Franco, director of economic indicators at The Conference Board.
"However, confidence remains well above the levels of a year ago. Consumers' assessment of current conditions continues to gain ground and expectations remain in expansionary territory despite the July retreat," she added.
The firm’s measure of expectations for the next six months fell to an index score of 84.7 from 91.1 last month. Meanwhile, the present situation index increased to 73.6 from 68.7.
"There's more good news than meets the eye with the consumer confidence report where a nearly 2 point dip to 80.3 masks a strong gain in the present situation component," analysts with Econoday said.
"The assessment of the present situation offers the consumer's view of month-to-month conditions and a sharp gain here, of nearly 5 points to 73.6, hints at gains for the sweep of July's economic data," Econoday further explained.
Jobs remain a concern, but there are some bright spots. The consumer labor market outlook started to improve, with those claiming jobs are 'plentiful' increasing to 12.2% from 11.3%. Consumers who claimed jobs are 'hard to get' declined to 35.5% from 37.1%.
"This reading is perhaps the very first meaningful indication for Friday's July employment report, given distortions in weekly jobless claims data tied to summer," Econoday said.
"Overall, indications are that the economy is strengthening and may even gain some momentum in the months ahead," Franco with The Conference Board added.
