US consumers’ confidence in the economy declines as fuel prices rise
Washington, July 28 / WAM / American consumers’ confidence in the economy declined this month as fuel prices returned to rising in light of current developments.
The American Conference Board Institute for Economic Studies stated that the consumer confidence index declined this July to 90.8 points, compared to 92.2 points last June.
Meanwhile, the index measuring consumer confidence in the current business and labor market situation declined by 3.6 points to 114.9 points, which is the third monthly decline in a row.
The consumer confidence index in the near term settled at 74.7 points, unchanged from last month.
Consumer confidence witnessed a slight improvement over the past month, after fuel prices fell to about $3.70 per gallon, compared to more than $4.50 per gallon in late April and early May, but it rose again at the beginning of this month, bringing the price back.
Fuel prices in the United States are rising again, with the price today reaching $4.10 per gallon, according to the Automobile Club of America (AA).
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