Consumer Confidence fell to 93.1 in July, down 3 points from the previous month according to the University of Michigan Consumer Sentiment index. The index is currently 11.3 points higher than in July of 2014.
“A disappointing pace of economic growth was the main reason for the small decline in consumer confidence. Nonetheless, the data provide no indication of a break in the prevailing positive trend,” said Richard Curtin, chief economist of UM Surveys of Consumers. “The maintenance of confidence at high levels during the past eight months has been mainly due to modestly positive news on jobs and wages.”
The Current Economic Conditions index fell 1.7 points to 107.2, while the Index of Consumer Expectations fell 3.7 points to 84.1.