By the Associated Press:
U.S. consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country.
The Conference Board, a New York research organization, reported Tuesday that its Consumer Confidence Index fell from a June reading of 98.3. The consumer confidence index is closely watched for signals it can send about future consumer spending, which accounts for 70% of economic activity.
The Conference Board said that the large decline in the expectations index reflected big drops in sentiment in Michigan, Forida, Texas and California, all states that have seen a resurgence in coronavirus cases.