Consumer Confidence dropped again in July below estimates from 98.4 in June to 95.7 in July.
New home sales also fell 8.1% from the previous month which was below estimates.
The economy sees weakening demand in new home sales.
The confidence of consumers continued its downward slide in July, indicating fears of a slowing economy entering the second half of the year, the Conference Board reported on Tuesday.
After posting its lowest reading in a decade in June, the consumer confidence index slipped further to 95.7 from last month’s 98.4, which was revised lower.
The decline came as consumers grew more pessimistic about current conditions.
The present situation index – measuring consumers’ assessment of current business and labor market conditions – fell to 141.3 from 147.2 last month. The forward-looking expectations index dropped slightly to 65.3 from 65.8.
“Consumer confidence fell for a third consecutive month in July,” said Lynn Franco, senior director of economic indicators at the board. “The decrease was driven primarily by a decline in the present situation Index – a sign growth has slowed at the start of Q3.”
“The expectations index held relatively steady, but remained well below a reading of 80, suggesting recession risks persist,” Franco added. “Concerns about inflation – rising gas and food prices, in particular – continued to weigh on consumers.”
The survey showed consumers reducing their interest in buying cars, homes and major appliances, likely dampening consumer spending for the remainder of the year.
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