Consumer ‘comfort’ drops to five-month low
August 2, 2012
Filed under News
Consumers continue to send a mixed message as the latest measure of consumer confidence fell to a five-month low.
The Bloomberg Consumer Comfort Index dropped to -39.7, its lowest point since February. That follows a report earlier this week from The Conference Board that its measure of consumer confidence was up for the first time in five months. Last week, the Thomson Reuters/University of Michigan’s confidence index dropped to its lowest point of the year, although it was higher than July 2011.
Both Bloomberg and Thomson Reuters reported that rising gas and food prices and lack of employment growth are the biggest culprits in keeping confidence low. On the other hand, The Conference Board reported that consumers have been encouraged by what appears to be a recovery in the housing market in recent months.