Consumer Confidence Drops to Lowest Level This Year

Consumer confidence dropped in July to the lowest level this year, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The final index for the month fell to a reading of 72.3, from 73.2 in June.

Economists had predicted no change from the preliminary reading of 72, Bloomberg reported.

The survey’s index of current conditions asks Americans if they are better off than they were a year ago and if it's a good time to buy big-ticket items.