Amid a few perkier financial headlines of late, consumer confidence in the economy dropped in July to the lowest level this year, according to the Consumer Electronics Association and CNET.
That followed two months of gains. (So is this a leading or lagging indicator?)
“Consumers faced a setback this month with the latest economy news,” stated Anne Claudio, vice president of Research at CBS Interactive in the announcement. CBS owns CNET.
“Recent unemployment figures hitting their highest level in 26 years, the rising cost of gasoline prices and declines in household net worth due to the housing market are causing consumers to feel hesitant about an economic recovery in the near term.”
The groups also stated that confidence in consumer electronics and technology fell to its lowest level in over a year, mirroring the overall trend.
“With job employment concerns top of mind for many consumers, people are being cautious with their spending and could be saving for the back-to-school and holiday seasons,” they quoted Claudio as saying.