Washington • A measure of U.S. consumer confidence slipped in July although it remained at levels signaling further gains in consumer spending.
The University of Michigan said Friday that its index of consumer sentiment edged down to 81.8 in July from 82.3 in June. The index of consumers' assessment of current conditions rose but the index for expectations dipped slightly from the June reading.
Survey director Richard Curtin said that consumers have yet to interpret the recent gains in jobs and wages as a sign of more robust hiring and economic growth in the future.
"The slow and uneven pace of the recovery in jobs and incomes during the past five years has made consumers unwilling to put much stock in favorable economic forecasts," Curtin said.