Consumer confidence slipped slightly during July, suggesting slow economic growth is ahead, according to the Conference Board, a private sector market research organization.

Consumer confidence declined in April before improving in May and June. July was the first month since April when consumer confidence declined, although the amount was moderate, according to Lynn Franco, director of the Conference Board’s Consumer Research Center.

“Despite sluggish economic conditions and almost non-stop layoff announcements, consumers are cautiously optimistic that the economy will rebound later this year, said Franco, as reported today (July 31) by CNNfn.com.