Americans' confidence in U.S. economy falls again as Iran conflict sends gas prices higher
Summary
Americans' confidence in the U.S. economy dropped in July as gas prices rose due to increased conflict involving Iran. Higher gas and food prices have made people worried about inflation and their financial situation.Key Facts
- The consumer confidence index fell to 90.8 in July from 92.2 in June.
- Gas prices climbed to $4.10 per gallon in July after earlier drops.
- Conflict between the U.S. and Iran, including Iran closing the Strait of Hormuz, raised oil prices worldwide.
- Inflation-adjusted incomes of Americans have declined due to higher prices.
- Food prices have increased 33% since 2019, with ground beef rising nearly 79%.
- Americans are coping by using coupons, shopping carefully, and buying less expensive foods.
- The job market showed slower hiring, with only 57,000 new jobs added in June.
- The unemployment rate fell to 4.2%, partly because some people stopped looking for work and are no longer counted as unemployed.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
