U.S. Consumer Confidence Levels Off

RAPAPORT... U.S. consumer confidence has leveled off in recent weeks, according to the Gallup Organization, as signs from the nation's economy turn mixed compared with early June. Nonetheless, Gallup observed that consumer confidence remains at a relatively higher level compared with the past five years. The economic outlook  has worsened since late May and early June, falling by 10 points, according to Gallup. Overall the Gallup Economic Confidence Index was at negative nine points for the week that ended on July 7. The index reached a five-year weekly high in late May at negative three points.

Gallup concluded that volatility in U.S. stock prices and a stubborn unemployment rate are holding the index back. For the most recent week, 45 percent of consumers said that the economy is getting better and 51 percent felt that it is getting worse, for a net economic outlook score of negative six.  This score has declined by 10 points since the week of June 2.

Twenty percent of consumers felt the  economy is "excellent" or "good" this past week, while 32 percent said it is "poor," for a net current conditions score of negative 12 points, which is slightly lower than the negative nine points registered one month earlier.