WASHINGTON, 28th July, 2026 (WAM) — Americans’ confidence in the economy fell this month as gas prices resumed their climb after the current developments.
The Conference Board Consumer Confidence Index decreased by 1.4 points to 90.8 (1985=100) in July, down from an upwardly revised 92.2 in June. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—fell by 3.6 points to 114.9, its third consecutive monthly decline.
The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—remained unchanged at 74.7.
Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. On Tuesday it was $4.10, according to the American Automobile Association (AAA).
The Conference Board said Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June. That’s essentially the same tepid range its been in since the beginning of the year. In late 2024 and early 2025 the readings were well above 100.
Consumer attitudes had improved modestly in June as gas prices came down to around $3.70 a gallon from more than $4.50 a gallon in late April and early May. But as fighting in the Middle East escalated, the average price for a gallon of gas in the U.S. started to rise again. On Tuesday it was $4.10, according to the auto club AAA.
After being attacked by the U.S. and Israel in late February, Iran shut down the Strait of Hormuz, through which about one-fifth of the world’s oil travels, causing a spike in gas prices. That accelerated inflation, causing Americans’ inflation-adjusted incomes to decline.
Source: Emirates News Agency