Consumer Confidence Declines in U.S. to Lowest Since June
By Nina Glinski Jul 31, 2014 9:45 AM ET
Confidence among U.S. consumers retreated last week to an almost two-month low as limited wage growth chipped away at perceptions about personal finances.
The Bloomberg Consumer Comfort Index fell to 36.3 in the period ended July 27, the lowest June 8, from 37.6 the week before. A gauge of households’ financial well-being dropped by the most since mid-May after reaching an 11-week high.
Consumers were also less enthusiastic about the buying climate, a reflection of stagnant paychecks. Even with the setback in sentiment, the weekly measure is holding close to its high of the year as a pickup in employment opportunities persists and stocks trade near a record.
“Employment, usually a strong correlate of consumer sentiment, is better, and stocks, another strong correlate, have been on a tear,” Gary Langer, president of Langer Research Associates LLC in New York, which produces the data for Bloomberg, said in a statement. “But slow wage growth is a persistent concern.”
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http://www.bloomberg.com/news/2014-07-31/consumer-confidence-declines-in-u-s-to-lowest-since-june.html
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