US consumer confidence dips in July but stays near 5-year high on stronger outlook for hiring

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In this Sunday, July 25, 2013, photo, Lee Greenwood, of Southfield, Mich., loads his car after shopping at the soft opening of the new Meijer store, the first one in Detroit. The private Conference Board reports on consumer confidence for July on Tuesday, July 30, 2013. (AP Photo/The Detroit News, David Coates) DETROIT FREE PRESS OUT; HUFFINGTON POST OUT

WASHINGTON – Americans’ confidence in the economy fell only slightly in July, remaining close to the highest level in more than five years.

The Conference Board, a New York-based private research group, says that its consumer confidence index dipped to 80.3 in July. That’s down from a reading of 82.1 in June.

Despite the slight drop, confidence remains well above year-ago levels. And while the hiring outlook for the short-term declined, consumers were more upbeat about the job market’s potential in the coming months.

Consumers’ confidence in the economy is watched closely because their spending accounts for about 70 per cent of U.S. economic activity.

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