NEW YORK (Reuters) - U.S. consumer confidence slumped in July, reflecting enduring job losses and concerns over the success of the Obama administration's stimulus measures, a survey released on Tuesday said.
Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index dropped to 46.3 in July from 50.8 in June.
The latest reading is exactly at its 12-month average of 46.3 and five points below its all-time average of 51.3.
Readings above 50 indicate optimism, while those below 50 point to pessimism, according to the survey.
"The persisting job loss as reflected in the unemployment rate at 9.5% is hitting consumer confidence," said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner.
"There are also concerns about whether the economic stimulus package passed in February is working."
The IBD/TIPP surveys more than 900 adults generally in the first week of the month.
(Reporting by Camille Drummond; Editing by Padraic Cassidy)