Consumer confidence dipped in July as some cities and states experiencing eruptions in coronavirus infections suffered slowdowns in commerce, according to the Conference Board’s consumer confidence index.
“Large declines were experienced in Michigan, Florida, Texas, and California, no doubt a result of the resurgence of COVID-19,” said Lynn Franco, senior director of economic indicators at the Conference Board. “Looking ahead, consumers have grown less optimistic about the short-term outlook for the economy and labor market.”
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