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Data released on Tuesday, showed a decline in the Consumer Confidence Index in July. Analysts at Wells Fargo, point out in July as the COVD-19 flared up again, consumer confidence fell, the inverse of June, when confidence rose amid falling case counts early on.

Key Quotes: 

“Consumer confidence tumbled from 98.3 in June to 92.6 in July undoing some of the rebound we had seen off the lows in April and May. Present situations rose to 94.2, but expectations fell.”

“New cases of COVID-19 flared up during July particularly in a handful of southern and western states. When we look at confidence in those places we can see the same relationship holds.”