As Coronavirus rages in some parts, US consumer confidence is falling threatening the country’s economic recovery.
On Saturday the current unemployment benefit will come to an end, which will impact millions of Americans.
The consumer confidence index dropped from 98.3 in June to 92.6 in July. Mid-July also saw the first increase since March in the number of people claiming unemployment benefits.
Record-low mortgage rates are helping the housing market to remain stable for now.
“In a separate report on Tuesday, the Commerce Department said the homeownership rate jumped a record 2.6 percentage points in the second quarter to 67.9%, the highest since the third quarter of 2008.
The burden of unemployment from the pandemic has fallen disproportionately on low-wage workers, who economists say tend to be renters. The housing market strength could persist, with the Conference Board survey showing the share of consumers planning to buy a home in the next six months surging in July.”