00:00Let's get straight to Bloomberg's Michael McKee, our international economics and policy correspondent, live from Washington, D.C.
00:06Mike, what you looking at?
00:08Well, it's a little bit worse than even on first glance because the prior month, June, was revised up to
00:1492.2, and it comes out at 90.8 for July.
00:18So a drop in confidence, which wasn't totally expected because there was a feeling the earlier drop in gasoline prices
00:26this month might push confidence a little bit higher.
00:30Still waiting on the breakdown of other numbers from the consumer confidence.
00:35Now we've got the present situation.
00:37That falls to 114.9 from 116.4, and the expectations index rises a little bit, 74.7 from 74
00:47.4.
00:47Not really going to be a whole lot of difference in that, but it does appear at this point that
00:53people were a little bit less confident about where things are going in the economy during the month of July,
01:00even though gasoline prices fell for the most part during the month.
01:05Now, the one thing that this survey is really based on is employment, and right now the number of people
01:12who think that jobs are plentiful fell to 24.5 from 25.5.
01:17And hard to get falls a little bit to 21.5 from 21.7.
01:22It's basically an improvement in no change in jobs.
01:26So the confidence basically probably comes from the oil price situation rather than the labor situation.
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