Reply #36: US consumers' mood wanes in final July read -survey [View All]

[UpInArms]

http://www.reuters.com/article/bondsNews/idUSN2444982120090724

NEW YORK, July 24 (Reuters) - U.S. consumer confidence waned in late July to the lowest reading since April on growing pessimism about the long-term economic outlook, a survey showed on Friday, even as some economists reckon the longest recession in decades may be easing.

The Reuters/University of Michigan Surveys of Consumers said its final July consumer sentiment reading fell to 66.0 from June's 70.8, though it was slightly higher than economists' median expectation for a reading of 65.0, according to a Reuters poll.

The index of consumer expectations fell to 63.2 in July's final reading, from 69.2 in June.

"Consumers believe that the economic free-fall is now over, but consumers see little reason to believe the stimulus policies will improve their financial condition anytime soon," the Reuters/University of Michigan Surveys of Consumers said in a statement.

Lower income and less favorable job prospects in the next year are key factors making consumers anxious about their financial position, the statement said.

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