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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