July 27, 2010 – (Motor Sports Newswire) – The confidence of the American consumer dissipated further in July, as shoppers continue to worry about the slow economic recovery and the weak jobs market heading into the important back-to-school season.
The Conference Board, a private research firm, reported Tuesday that its Consumer Confidence Index fell to 50.4 this month, down from a revised reading of 54.3 in June. This month’s reading was lower than the economist estimate of 51.0.
The drop follows a near 10-point drop last month from 62.7 in May, the biggest fall since February. The index had risen for three consecutive months prior to the sharp drop off last month.
American shoppers are timid about spending amid an economy that has an unemployment rate near 10 percent and a stock market that has been fluctuating, despite the recent rally back into the black for the Dow Jones Industrial Average for the year.
The number of the respondents to the Conference Board survey that claim jobs are hard to find currently rose in July to 45.8 percent from 43.5 in the prior month, while those expecting more jobs to be created in coming months fell to 14.3 from 16.2 percent.
The portion of respondents that see an increase to their incomes coming declined to 10 percent this month from 10.6 percent.