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Consumer Confidence in Economy and Tech Dips

ARLINGTON, VA.: Consumer confidence in the economy has reached its lowest level in three-and-a-half years, according to an index kept by CNET and the Consumer Electronics Association. July’s metric also indicated a drop in technology confidence.

The CEA-CNET Index of Consumer Expectations gauging the economy, fell to 157.3 this month. The metric was down 5.5 points from June and the lowest since the establishment of the index in January 2007. It’s down eight points from the same period a year ago.

“The overall mood of consumers continues to be cautious,” said Anne Claudio, vice president of research at CBS Interactive. “A variety of factors are weighing heavily on consumers and their feelings towards the economy.”

The CEA-CNET Index of Consumer Technology Expectations measures consumer expectations on technology expenditures. It fell more than half of a point to 82, but remains up 5.4 points from last year.

“Although there were several new and innovative technology products launched this month, consumers seem uncertain about purchasing consumer electronics,” Claudio said. “This may be a wait-and-see approach, as parents and children prepare for the school season and may purchase more for necessity rather than luxury.”