US consumer confidence continues to point to 'recession risks', Conference Board says
US consumer confidence slipped more or less as expected amid concerns about inflation and continued to point to ongoing recession risks, the results of a closely-followed survey showed.
The Conference Board's consumer confidence index declined by 2.7 points from June and for a third successive month to reach 95.7 (consensus: 96.4).
A sub-index tracking Americans' expectations was little changed, dipping only from 65.8 to 65.3.
However, the sub-index linked to assessments of current business and labour market conditions fell from 147.2 to 141.3.
"The decrease was driven primarily by a decline in the Present Situation Index—a sign growth has slowed at the start of Q3," said Lynn Franco, senior director of Economic Indicators.
"The Expectations Index held relatively steady, but remained well below a reading of 80, suggesting recession risks persist. Concerns about inflation—rising gas and food prices, in particular—continued to weigh on consumers."