Consumer confidence takes a hit in July

Confidence among U.S. consumers this month fell to the lowest level since March, according to the Reuters/University of Michigan preliminary index of consumer sentiment.
The index fell to 64.6, from 70.8 last month, the report said, according to Bloomberg.
The index of consumer expectations, which is a forecast of six months in the future, also declined, to 60.9, from 69.2.
The survey also found that consumers expected an inflation rate of 3% during the next 12 months, down from the 3.1% figure they gave last month, the report said.