U.S. Consumer Confidence Falls More Than Forecast

Confidence among U.S. consumers fell more than forecast in July, reflecting a surge in unemployment that threatens to undermine household spending.

The Conference Board’s confidence index dropped to 46.6, a second consecutive decline, following a reading of 49.3 in June, a report from the New York-based group showed today. The figure reached a record low of 25.3 in February.

Stocks slumped and Treasuries rose after the report. Consumer spending accounts for about 70 percent of the economy, and any renewed decline would temper a recovery from the worst recession in five decades.

“Folks are still concerned about their jobs,” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina.

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- Posted: 2009-07-28 09:48:16

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