Consumers were a bit less optimistic in July than one month
or one year ago, although consumer confidence remains at a reasonable high
level. The recent decline was due to rising concerns about prospects for the economy,
that were mainly expressed by upper income households.
Uncertainties
surrounding global economic prospects and the presidential election have made
consumers more cautious in their expectations for future economic growth as
well as employment growth. Strength in personal finances and low interest rates
will maintain the growth in real consumption at 2.6% through mid 2017.
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