U.S. Consumer Confidence Decreases On Concern Over Economy

July 28 (Bloomberg) -- Consumer confidence dropped last week as Americans’ views of the economy plunged to the lowest level since the recession.

The Bloomberg Consumer Comfort Index was minus 46.8 in the period to July 24, the lowest since May, compared with minus 43.3 the prior week. Six percent of those surveyed said the economy was in good shape, the fewest since April 2009.

Seniors and the unemployed were among those showing the most negative readings, a sign that partisan wrangling over the nation’s budget deficit was jarring those likely to be affected by cuts in spending. Unemployment above 9 percent, falling home prices and a rebound in gasoline costs may be weighing on sentiment overall, posing a risk for consumer spending.

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