U.S. consumer confidence index fell to what before the pandemic would have been a four-year low.<\/b>
\nThe lack of progress against coronavirus is making California shoppers anxious, pushing the state\u2019s consumer confidence to a seven-year low. The Conference Board reports its consumer confidence index for California was at 64.7 for July \u2014 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\u2019s economic recovery. Let\u2019s recall that in late winter the pandemic\u2019s spread forced the state to issue tough \u201cstay at home\u201d 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\u2019 view of current conditions rose from June though this optimism is one-third of what it was before March. Recently rising virus infections and deaths, compounded by protests against pandemic prevention tools such as masks and social distancing, forced the state into an economic U-turn. These tighter restrictions will keep unemployment high and boost economic doubts. So it\u2019s little surprise that shoppers\u2019 outlook statewide, as measured by another slice of the index, fell to a seven-year low. California isn\u2019t alone. The Conference Board also tracks seven other big states. For the month, overall confidence rose in only two states while not improving anywhere over the year. Current conditions were better in five states for the month and none over 12 months. Expectations rose in just one state for the month and for the year. Nationally, the U. S. consumer confidence index fell to a four-year low: 92.6 in July vs. 98.3 a month earlier and down from 135.8 a year ago. U. S. shoppers\u2019 view of current conditions increased in the month and was lower over 12 months. Meanwhile, consumers\u2019 economic hopes were worse compared with the previous month and less optimistic vs. a year earlier. As for two major purchases, the national view\u2026 Plans to buy a home within six months? 7.4% this month vs.6.8% a month earlier and 7.4% a year ago. Five-year average? 6.2%. Car purchase plans? 11.5% this month vs.11.9% a month earlier and 12.5% a year ago. Five-year average? 12.5%. Related Articles In reversal, CES gadget show won\u2019t be in-person after all\t Who will sign a COVID waiver? Conflict mounts over workplace safety\t Santa Ana rent control measure fails to gather enough signatures during pandemic\t California AG investigating Amazon\u2019s warehouse practices amid coronavirus\t Thousands of $600 checks never made it to jobless Americans<\/p>\n