Consumer sentiment falls in July |
| MarketWatch - Jul 30, 2010 |
Concerns about personal financial prospects and the overall economy weighed down consumer sentiment in July, according to a report released Friday by Reuters and the University of Michigan.
Consumer sentiment fell to 67.8 in July from 76 in June. An earlier sentiment reading for July was 66.5.
"Scarce jobs and stagnating incomes have been the top concerns of consumers for some time," said Richard Curtin, the consumer survey's chief economist, in a statement. "What changed in July was their recognition that the anticipated slowdown in the economy will keep jobs scarce for some time, while their uncertainties about future prospects were increased by the policies of the Obama administration."
Curtin added that consumers have begun to "actively embrace a more defensive outlook ... making them more likely to further pare their debt and increase saving and reserve funds. This new defensive posture could result in even slower economic growth and fewer jobs in the future."
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- Posted: 2010-07-30 11:30:51
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