Consumers’ confidence about their personal finances has dipped to a five-month low, Bloomberg reported yesterday (July 30), citing its own Consumer Comfort Index.
That figure dipped last week, which the index attributed to people’s thoughts on their own wealth as well as the state of the U.S. economy. According to Bloomberg’s Consumer Comfort Index, the figures declined to 40.5 at the end of last week (July 26) and was the second-lowest figure since November when the index registered at 42.4. The index cited personal finances in the confidence setback.
What also has impacted consumer confidence, Bloomberg reported, is Greek debt concerns and the financial troubles in China that were sparked by stock market woes that trickled their way into the U.S. While the improvement in the labor market has boosted wages, that has recently given consumers the confidence and ability to spend more.
But in terms of the personal finances index, that gauge dipped last week from the year prior from 57.8 to 54.9, which Bloomberg noted was the largest dip since September. Americans’ perspective on the economy overall also fell to an eight-month low.
When looking across income brackets, the confidence among consumers earning $15,000–$25,000 posted the most decline in confidence, and those between the $40,000–$50,000 range were the only group in the index that saw a confidence boost. Consumers with incomes more than $100,00 dropped to a 10-month low.
Other factors measured in Bloomberg’s index include age and full-time employees. The oldest consumers reached the lowest level since October. Full-time employees confidence fell to just a two-month low. Confidence in the consumers in the Northeast declined the most in the index and was the highest decline since May of last year. Only the West region of the U.S. saw a confidence boost in this particular index.
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