Highlights
Consumer confidence dipped in July-again over worries about the jobs picture and over income prospects. The overall consumer confidence index slipped to 50.4 in July from an upwardly revised 54.3 in June (initially 52.9). Analysts projected July to print at 51.0. The latest decrease was led by a drop in expectations to 66.6 from 72.7 in June. But the present situation sub-index also declined-to 26.1 from 26.8.

Those seeing jobs as hard to get rose to 45.8 percent in July from 43.5 percent the prior month. On the issue of expectations of income, 17.5 percent see income down in six months, compared to 16.8 percent in June. Only 10 percent expect higher income in six months, compared to 10.6 percent in June.

The good news, however, is that buying plans have picked up in some categories-albeit from low levels. Those planning to buy a car within six months rebounded to 4.5 percent from 4.1 percent in June. Those planning to buy a major appliance within six months jumped to 28.5 percent in July from 23.7 percent in June. However, those planning to purchase a house edged down to 1.9 percent from 2.0 percent in June.

By region, the drop in confidence was led by a plunge in the Pacific region. Most Census regions showed modest declines. Gains were seen in the Mid-Atlantic and West North Central.

Overall, markets were somewhat disappointed in the report with equities slipping on the news but remaining positive on favorable earnings and home prices.

Market Consensus Before Announcement
The Conference Board's consumer confidence index for June fell to 52.9 in a nearly 10 point decline the size of which usually corresponds with an economic shock. At the national level, the drop was mainly due to concern over the job market and income growth. At the regional level, there were indications that confidence also was pulled down by the ongoing psychological and economic damage from the Gulf oil spill. The June decline was led by severe weakness in the East South Central and the South Atlantic. More recently, the mid-July reading for Reuters/University of Michigan consumer sentiment dropped sharply from June.

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