Consumers are growing increasingly wary of the economy, employment and fuel prices, according to the latest consumer confidence survey by Thomson Reuters/University of Michigan.
According to the survey, consumer confidence fell to 63.8 in early July, the lowest level since March 2009 and down sharply from June’s 71.5 index level. The fall-off also exceeded economists’ expectations, which have pegged consumer sentiment at 71.3.
The Thomson Reuters/University of Michigan index averaged about 87 in the 12 months prior to the start of the most recent recession.