United States consumer confidence unexpectedly weakened in July as Americans grew more cautious about the economy, with perceptions of the labour market remaining subdued despite easing concerns over energy prices and geopolitics.
The Conference Board's Consumer Confidence Index fell to 90.8 in July from an upwardly revised 92.2 in June.
Economists had expected the index to edge higher to 92.3, following the previously reported June reading of 91.2.
The weaker-than-expected result suggests households remain cautious about the economic outlook, with employment concerns continuing to weigh on sentiment.
"Consumers’ write-in responses on factors affecting the economy continued to be mostly pessimistic in July," said Dana M. Peterson, Chief Economist at The Conference Board.
“References to prices and oil and gas eased in frequency but remain elevated. Comments about food and grocery prices increased.
"Mentions of war, geopolitics, and conflict eased during the sample period. However, as the fighting has reaccelerated quite recently there could be an increase in these mentions in the revised data for July.
"Notably, references to jobs and unemployment picked up slightly.”
