U.S. consumer confidence declined in July to the lowest level since February 2021 on dimmer views of the economy amid persistent inflation, Bloomberg News reported. The Conference Board’s index decreased for a third month to 95.7 from a downwardly revised 98.4 reading in June, data Tuesday showed. The steady weakening in sentiment risks causing consumers to cut back on discretionary purchases at a time when the economy is struggling for momentum. Inflation has dented confidence and forced the Federal Reserve to pursue aggressive interest-rate hikes geared at curbing demand. The group’s gauge of current conditions dropped to the lowest level since April 2021. A measure of expectations -- which reflects consumers’ six-month outlook -- ticked down to 65.3, the lowest since 2013, and reflected more pessimistic views of their financial prospects.
