WASHINGTON (MarketWatch) -- Consumer confidence fell in July on concerns about jobs and business conditions, following a sharp decline in June, the Conference Board reported Tuesday. July's consumer confidence index fell to 50.4 - the lowest level since February -- from an upwardly revised 54.3 in June. "Concerns about business conditions and the labor market are casting a dark cloud over consumers that is not likely to lift until the job market improves," said Lynn Franco, director of Conference Board's consumer research center, in a statement. "Given consumers' heightened level of anxiety, along with their pessimistic income outlook and lackluster job growth, retailers are very likely to face a challenging back-to-school season." Earlier this month the government reported that nonfarm payrolls fell 125,000 in June, with weak private-sector hiring.
U.S. consumer confidence fell in July to the lowest level since February, weighed mostly by worries about the job market, according to a private sector report released Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes fell to 50.4 in July from a revised 54.3 in June. The June reading was revised up from an original 52.9.
The median of forecasts from analysts polled by Reuters had been for a July reading of 51.0. Forecasts ranged from 46.0 to 55.5.
