Consumer confidence falls further in July

Americans’ confidence in the economy darkened further in July as worries about job security offset any enthusiasm about the resumed stock market rally that has helped bolster retirement accounts. The New York-based Conference Board says its Consumer Confidence Index, which retreated last month, fell to 46.6, down from 49.3 in June. Economists surveyed by Thomson Reuters were expecting a reading of 49. It would take a reading above 90 to signal that the economy is on solid footing. The second straight month of decline follows an upswing in confidence this past spring fueled by a stock market rally and some signs that the economy was improving. The disappointing report on confidence followed an upbeat report on the housing market, also released today, that offered more evidence that the real estate market was showing signs of life. According to a widely watched housing price index, home prices in May posted their first monthly increase since the summer of 2006, indicating prices may finally be stabilizing.