U.S. Consumer Confidence Takes A Nosedive

U.S. consumer confidence fell more than expected last month, given the resurgence of COVID-19 in many different states.

The infectious plague continues to play havoc within the economy without any immediate end.

The latest survey paints an ugly picture of consumers’ negative outlook on the economy’s prospects over the next six months.

The consumer confidence index showed a drop of about 6% between June and July.

This weakness comes against the backdrop of millions of unemployed Americans who are set to lose a $600 weekly jobless benefit supplement.

The U.S. had reported more than 4.6 million cases of Covid-19 and at least 154,449 Americans have died, according to data from the Johns Hopkins University.

Marcia Wright, Readers Bureau, Contributor

Edited by Jesus Chan

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