U.S. Consumer Sentiment Gauge Falls to Lowest This Year


28/07/2012 08:17 AST  Bloomberg

Confidence among U.S. consumers dropped in July to the lowest level this year as the labor market and broader economy showed few signs of improvement.

The Thomson Reuters/University of Michigan final index of sentiment declined to 72.3 this month from 73.2 in June. The gauge was projected to hold at the preliminary reading of 72, according to the median forecast of economists surveyed by Bloomberg News.

A slowdown in hiring in the second quarter, which may reflect companies’ concerns about demand as Europe’s economy falters, is damping moods of Americans whose spending accounts for about 70 percent of the economy. Another report today showed the expansion cooled in the second quarter.

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