U.S. consumer confidence index fell to what before the pandemic would have been a four-year low.
The lack of progress against coronavirus is making California shoppers anxious, pushing the state’s consumer confidence to a seven-year low. The Conference Board reports its consumer confidence index for California was at 64.7 for July — down from a revised 77.5 a month earlier and far below 114.5 a year ago. The last time the index was lower was in March 2013, early in the Great Recession’s economic recovery. Let’s recall that in late winter the pandemic’s spread forced the state to issue tough “stay at home” orders that stifled business and pushed unemployment to record highs. The initial lockdown cooled the spread of COVID-19 and allowed for many business reopenings, resulting in rehirings and raised optimism. That helps explain why one measure inside the confidence index was up in July: California consumers’ view of current conditions rose from June though this optimism is one-third of what it was before March.
