Consumer confidence fell in July as higher grocery and gas prices weighed on Americans’ views of the economy, according to a survey from the Conference Board.

The overall consumer confidence index fell to 90.8 in July, down from June’s revised reading of 92.2, as consumers’ expectations for the job market and pay fell for the third straight month. The Conference Board noted that its survey period, conducted from July 1 to July 22, coincided with the ongoing conflict in the Middle East.

“Consumer confidence moderated slightly in July, continuing a general downward sloping trajectory since late 2021,” Conference Board chief economist Dana Peterson said.

The consumer confidence reading somewhat contradicted the University of Michigan’s July preliminary consumer sentiment reading, which showed sentiment at its highest level since February.

The Conference Board said consumers wrote in pessimistic responses in July, citing oil and gas prices that “remain elevated.” The survey results also noted that comments about food and grocery prices increased, while mentions of the US-Iran war, geopolitics, and the conflict following the temporary ceasefire declined.

“As the fighting has reaccelerated quite recently, there could be an increase in these mentions in the revised data for July,” the team noted.

References to the job market and unemployment “picked up slightly” in July. The month before, the US added 57,000 jobs, while the unemployment rate was little changed, up 4.2%.

Although Americans’ overall views on employment conditions fell in July, fewer consumers thought jobs were “hard to get.” At the same time, consumers were less negative about future labor market conditions, with 16.7% of consumers saying they expected more jobs to be available in July.

Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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