Poll: Consumer confidence declines in July

Consumer confidence dropped in July, according to a report released Tuesday by The Conference Board, which tracks it each month.

The index fell to 90.9 this month, down from 99.8 in June.

Lynn Franco, director of economic indicators at The Conference Board, attributes the weakened consumer confidence to current events, but said the level is still in line with a strengtening economy.

{mosads}“A less optimistic outlook for the labor market, and perhaps the uncertainty and volatility in financial markets prompted by the situation in Greece and China, appears to have shaken consumers’ confidence,” she said in a statement. “Overall, the Index remains at levels associated with an expanding economy and a relatively confident consumer.”

Consumers were less optimistic about the job market in July, the survey found. Just under 21 percent said jobs are “plentiful” and nearly 27 percent said jobs are “hard to get.”

Only 13 percent said they anticipate more job openings in the next six months and 20 percent said they expect there will be fewer jobs. Seventeen percent said they expect their incomes to increase in the short-term while about 11 percent said they expect their incomes to decline.

The poll also found consumers were less positive about current conditions this month, the survey found. About 24 percent said business conditions are “good,” down from 26 percent last month. Nearly 18 percent of people described business conditions as “bad.”

About 15 percent said they expect business conditions to improve over the next six months and about 11 percent said they expect them to worsen.