Consumer confidence collapsing
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Consumer confidence plummeted in July. The indicator fell from -19 in June to -31 in July. This is the second largest drop ever recorded, after September 2007. Pessimism prevailed over the past year. Never before did consumers lose so much confidence in the space of just one year.
Consumer confidence, seasonally adjusted
Confidence in economic future reaches all time low
The component indicator reflecting consumer confidence dropped dramatically from -38 in June to -56 points in July. Consumers’ opinions on the economic situation in the past and coming twelve months deteriorated considerably. Consumers were notably more negative about the future economic situation. In June, pessimists still outnumbered optimists by 39 percent, while in July doom-mongers had a 59 percent majority over optimists. Consumers have never been as pessimistic as they were in July.