Experts say the slide is largely due to consumers’ anxiety over high inflation.
WASHINGTON — U.S. consumer confidence slid again in July higher prices for food, gas and just about everything else continued to weigh on Americans.
The Conference Board said Tuesday that its consumer confidence index fell to 95.7 in July from 98.4 in June, largely due to consumers’ anxiety over the current conditions, particularly four-decade high inflation. The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — fell from 147.2 to 141.3.The Federal Reserve is expected to raise its benchmark borrowing rate again Wednesday — possibly by another three-quarters of a point — in an effort to combat the persistent inflation that settled in during the pandemic. The U.S. central bank has already raised rates by a combined 1.
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