By MATT OTT, AP Business Writer
WASHINGTON (AP) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the U.S. and Iran stepped up their fighting.
The Conference Board said Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June.
Consumers view of current business and labor market conditions fell by 3.6 points to 114.9, the third straight monthly decline.
Views about their near-term futures held steady from last month with a reading of 74.7.
Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But as fighting in the Middle East escalated, the average price for a gallon of gas in the U.S. started to rise again. On Tuesday it was $4.10, according to the auto club AAA.
After being attacked by the U.S. and Israel in late February, Iran shut down the Strait of Hormuz, through which about one-fifth of the world’s oil travels, causing a spike in gas prices. That accelerated inflation, causing Americans’ inflation-adjusted incomes to decline.
Write-in responses to the survey, which were collected from July 1 to July 22, remained pessimistic. The Board said references to gas prices were down slightly but remained elevated. Respondents’ mention of food and grocery prices increased.
The number of consumers who mentioned war and geopolitics decreased this month, but the Board suspects that recent escalation in fighting between Iran and the U.S. could cause those mentions to rise in the next survey.
Related Posts:
- Chelsea sent final transfer warning by Premier League rivals over former Arsenal star Sports Xabi Alonso had been driving Chelsea’s move for Granit Xhaka (Picture: Getty) Chelsea have been to forget once and for all about making a renewed effort to sign Sunderland captain Granit Xhaka. The Switzerland international appeared to have had his head turned earlier this month when the Blues made a…
- Rising swipe fees impacting back-to-school prices News As swipe fees continually increase, back-to-school shopping will be more expensive — adding another burden for families already struggling to afford daily necessities. The swipe fees that banks charge to process credit card transactions will drive up the price of school and college supplies by a record $3.4 billion this…
- Many Americans are paying for data centers. They shouldn't have to. News Pull up your electric bill. Somewhere in that number, you are paying for a building you will never enter. Data centers are going up everywhere. They need enormous amounts of electricity. Somebody must pay to connect them and build the plants and lines they need. In state after state, that…
- Stocks open higher on Wall Street and crude oil prices drop 5% as Mideast tensions cool News By DAMIAN J. TROISE, AP Business Writer NEW YORK (AP) — Stocks rose on Wall Street Monday and oil prices fell after the U.S. and Iran paused their attacks while work resumed on restarting negotiations to end the war. The S&P 500 rose 0.6%. The index is coming off two weekly losses…
- Furniture to tech: Lithuania's economy a bright spot amid Trump's tariffs News KLAIPĖDA, Lithuania — The Trump administration's tariffs increased prices for consumers and companies in Chicago and around the world, but Jurgita Radzevičė's business has a cushion, thanks to some lucky timing. SBA Home, a Lithuanian furniture maker that supplies items for Ikea, opened a highly automated 500,000-square-foot factory last fall…
(Visited 1 times, 1 visits today)