Consumer confidence fell in July as gas prices rose - Investment Executive

U.S. consumer confidence slipped in July after rising gas prices reversed a modest improvement seen in June, driven by concerns tied to escalations in the Iran conflict. The Conference Board said its consumer confidence index fell to 90.8 in July from 92.2 in June. The measure of consumers’ view of current business and labor market conditions dropped 3.6 points to 114.9 for the third consecutive monthly decline. Expectations about the near-term future held steady at 74.7. In June, gas prices had fallen to around $3.70 per gallon from over $4.50 in late April and early May. By Tuesday, AAA reported the average had climbed to $4.10. The report links Iran’s Strait of Hormuz shutdown after late-February attacks to higher energy prices, accelerating inflation and reducing Americans’ inflation-adjusted incomes.