US consumer confidence tumbles in July as COVID-19 spreads

US consumer confidence tumbled in July to a reading of 92.6 as coronavirus infections spread in many parts of the country

The Conference Board, a New York-based research organization, reported Tuesday that its Consumer Confidence Index fell from a June reading of 98.3. The weakness came from a drop in the expectations index, which measures consumer views about the short-term outlook for income, business and labor market conditions

The consumer confidence index is closely watched for signals it can send about future consumer spending, which accounts for 70% of economic activity.