PNN – The conflict with Iran has eroded American confidence in the national economy.
According to the report of Pakistan News Network; the Associated Press reported that American confidence in the economy declined this month as gasoline prices resumed an upward trend following the escalation of hostilities between the United States and Iran.
The report notes that after the United States and the Israeli regime attacked Iran in late February, Iran closed the Strait of Hormuz—a vital waterway through which approximately one-fifth of the world’s oil passes—triggering a surge in gasoline prices. This development exacerbated inflation and reduced the real income of Americans.
The Conference Board announced on Tuesday that the consumer confidence index fell to 90.8 in July, down from 92.2 in June.
Consumer sentiment regarding current business and labor market conditions declined by 3.6 points to 114.9, marking the third consecutive monthly drop.