U.S. consumer confidence waned in late July to the lowest reading since April on growing pessimism about the long-term economic outlook, a survey showed on Friday, even as some economists reckon the longest recession in decades may be easing.
The Reuters/University of Michigan Surveys of Consumers said its final July consumer sentiment reading fell to 66.0 from June's 70.8, though it was slightly higher than economists' median expectation for a reading of 65.0, according to a Reuters poll.
The index of consumer expectations fell to 63.2 in July's final reading, from 69.2 in June.
"Consumers believe that the economic free-fall is now over, but consumers see little reason to believe the stimulus policies will improve their financial condition anytime soon," the Reuters/University of Michigan Surveys of Consumers said in a statement.
Lower income and less favorable job prospects in the next year are key factors making consumers anxious about their financial position, the statement said.
The current conditions index slipped to 70.5 in the final July reading, from 73.2 in June.
