BUSINESS BRIEFING / THE ECONOMY
TIMES WIRE REPORTS
Optimism among consumers, whose spending is crucial to an economic recovery, fell in July after four months of gains as nationwide unemployment approached 10%.
The Reuters/University of Michigan preliminary index of consumer sentiment declined more than forecast, to 64.6 from 70.8 in June. Consumers in the survey said they were less likely to buy cars or appliances, suggesting that the recovery might be weaker than anticipated.
