Consumer confidence had fallen for the third straight month by the end of July, according to the Conference Board.
"As the Fed raises interest rates to rein in inflation, purchasing intentions for cars, homes, and major appliances all pulled back further in July," the Conference Board quoted Lynn Franco, senior director of economic indicators, as having said. "Looking ahead, inflation and additional rate hikes are likely to continue posing strong headwinds for consumer spending and economic growth over the next six months."
But maybe, just maybe, things might improve this month. According to the Mortgage Bankers Association, affordability for home purchases improved in 47 states last month. The national median payment for applicants decreased to $1,844 from $1,893 in June.
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