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Americans’ confidence in US economy falls as Iran conflict sends gas prices higher

American confidence in the economy fell in July as fighting between the U.S. and Iran drove up gas prices. The Federal Reserve maintained its key interest rate on Wednesday despite high inflation and energy costs. Consumer confidence dropped to 90.8 during the month.

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What changed

Consumer confidence declined in July due to escalating conflict with Iran and deteriorating labor and business views.

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  1. US Consumer Confidence Drops Amid Iran Conflict and Rising Gas Prices

    American confidence in the economy fell in July as fighting between the U.S. and Iran drove up gas prices. The Federal Reserve maintained its key interest rate on Wednesday despite high inflation and energy costs. Consumer confidence dropped to 90.8 during the month.

    What's confirmed:

    • Consumer confidence dropped to 90.8 in July.
    • The Federal Reserve kept its key interest rate unchanged on Wednesday.
    • U.S. and Saudi Arabia struck Tehran-backed militias in Iraq, killing at least 20 fighters.
    • Iran launched missiles at American forces in the Middle East on Wednesday.
    • Gas prices rose as the U.S. and Iran increased their fighting.

    Still unconfirmed:

    • Economic pessimism eased slightly according to Gallup.
    • U.S. economic confidence improved in July.
    • US consumer confidence eased in July.
    confidence 80%