world-economy

Consumer Confidence Slides as Labor Market Concerns Mount

U.S. consumer confidence declined to 90.8 in July, falling short of economist expectations of 92.4. Americans grew increasingly pessimistic about employment prospects and business conditions.

The deterioration reflects mounting anxiety across the economy, particularly within the transportation sector where recruiting and retaining qualified drivers has become increasingly difficult. Carriers are responding by expanding incentive packages and raising compensation to attract talent in a tightening labor market.

Knight-Swift CEO Adam Miller acknowledged the challenge during recent analyst discussions, noting that quality driver recruitment and retention have become more competitive as market conditions shift. The labor market strain underscores broader economic headwinds that are dampening consumer sentiment heading into the second half of 2026.