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U.S. consumer sentiment soured in early July, slipping to its weakest since March, when confidence in the financial sector and economy were at a low ebb, the Reuters/University of Michigan Surveys of Consumers showed Friday.
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Consumers' escalating concerns about an extended economic downturn, job security and erosion of wealth were the main factors depressing sentiment, the survey said.
Its preliminary index of confidence for July fell to a reading of 64.6 from the final reading for June of 70.8. July's preliminary reading was well below economists' median forecast for 70.5.
The index of consumer expectations fell to 60.9 from June's final reading of 69.2.
The index of current economic conditions slipped to 70.4 from June's final reading of 73.2.
"Consumers concluded that the economic downturn would last longer and their personal finances would not recover as quickly as they had previously expected," the Reuters/University of Michigan Surveys of Consumers said in a statement.
Recent income gains were reported by the fewest consumers in the more than fifty-year history of the survey, the statement said.
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