After rising for four straight months, the preliminary July confidence figure from the University of Michigan and Reuters delinted. While we won't get the final measure for two more weeks, the index fell more than 6 points and will definitely be lower than June even with potential revision.
I wrote previously about the increased volatility in this measure and how announcing a "recession" causes it to spiral downward. If we look at volatility than the previous four months are encouraging. The last time the index rose for four straight months was as the 2001 recession ended. There was a fall then but much less than today. Furthermore, the decline in this recession has been much more dramatic and will likely still take quite some time to recover to pre-recession levels.
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