Americans’ confidence in US economy fell this month as Iran conflict sent gas prices back up
Summary
Americans are feeling less confident about the U.S. economy in July as gas prices have gone up again due to increased conflict between the U.S. and Iran. The rise in gas prices is partly caused by tensions in the Middle East affecting oil delivery routes, which also contributes to higher inflation and lowers people’s real income.Key Facts
- The consumer confidence index dropped from 92.2 in June to 90.8 in July.
- Views on current business and job market conditions fell for the third month in a row.
- People’s expectations for the near future stayed the same compared to June.
- Gas prices fell in June but have risen again, reaching about $4.10 per gallon in July.
- Conflict between the U.S. and Iran increased after attacks and Iran’s temporary shutdown of the Strait of Hormuz, a key oil passage.
- The rise in gas prices has boosted inflation, reducing Americans’ buying power after adjusting for price increases.
- Survey comments about gas prices slightly decreased but are still high; concerns about food and grocery prices have grown.
- Mentions of war and geopolitics dropped in this survey but could rise again if conflict escalates further.
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