Americans' confidence in US economy fell this month as Iran conflict sent gas prices back up
Summary
Americans’ confidence in the U.S. economy dropped in July as gas prices increased due to the worsening conflict between the U.S. and Iran. The rise in gas prices contributed to inflation, which lowered people's real incomes and made them more concerned about food and grocery costs.Key Facts
- The consumer confidence index fell from 92.2 in June to 90.8 in July.
- Perceptions of current business and job market conditions declined for the third month in a row.
- Views about the near future stayed about the same with a reading of 74.7.
- Gas prices had fallen earlier in June but started rising again in July, reaching about $4.10 per gallon.
- The conflict between the U.S. and Iran increased, including Iran shutting down the Strait of Hormuz, a key oil route.
- The higher gas prices contributed to inflation, lowering Americans’ income after adjusting for price changes.
- Survey responses showed fewer mentions of war but more concern about food and grocery prices.
- President Donald Trump met with advisers to discuss options regarding the Iran conflict.
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