Dive Brief:

• Consumer confidence in the United States dropped to 79.2, below expectations and the lowest reading in nine months, according to an early reading by the University of Michigan and Thomson Reuters.

• The month before, the reading was 81.8 and the forecast for August, from a poll of economists by Reuters, was 82.5. Meanwhile, the study’s measure from a barometer of economic conditions rose and was higher than predicted.

• Wealthier consumers are doing well, but their outlook mirrors that of lower-income consumers, according to the report.

Dive Insight:

Here’s another measure of what many are calling a “retail funk,” where consumers are hesitant even as the economy gains. A lot will depend on how well Americans do when it comes to obtaining and keeping decent-paying jobs. Meanwhile, retailers will likely have to keep prices down and promotions up to fight the funk.