U.S. Consumer Confidence Falls Sharply In July To 10-month Low

WASHINGTON - Consumer confidence fell sharply in July to a 10-month low, perhaps because of a more volatile U.S. stock market triggered by financial worries in China and the latest Greek debt crisis. The consumer confidence index dropped to 90.9 from 99.8 in June, the Conference Board said Tuesday. Economists polled by MarketWatch had projected the index to total 99.1. The present situation index, a measure of current conditions, slid to 107.4 from 110.3. The future expectations index declined to 79.9 from 92.8, hitting the lowest level in almost a year and a half. "Consumers continue to assess current conditions favorably, but their short-term expectations deteriorated this month," said Lynn Franco, director of economic indicators at board.