The latest economic assessment from the Conference Board:

Confidence among U.S. consumers declined in July to a five-month low, a sign the lack of jobs will limit the economy’s recovery . . . Today’s figures showed income expectations at their lowest point in more than a year, posing a risk for consumer spending that accounts for 70 percent of the economy.
“Consumers’ faith in the economic recovery is failing,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, whose forecast of 50.3 was the closest among economists surveyed by Bloomberg. “The job market is slow and volatile, and it’ll be 2013 before we see any semblance of normality in the labor market. It means weaker purchases.”
. . . The proportion who expect their incomes to rise over the next six months fell to 10 percent, the lowest since April 2009, from 10.6 percent. The percent of respondents expecting more jobs to become available in the next six months decreased to 14.3 from 16.2 the previous month. The share of consumers who said jobs are currently plentiful held at 4.3 percent. Those who said jobs are hard to get increased to 45.8 percent from 43.5 percent.

In other news, President Obama is the guest of honor for a $30,000-a-head DNC fundraising event at the four-story Sullivan Street townhouse of Vogue editor Anna Wintour. I guess those donors have some consumer confidence.