Consumer confidence again tipped the scale down in May, posting a 117.9 reading in the latest Consumer Confidence Index® from The Conference Board. The Expectations reading of the Index fell to 102.6, while the Present Situation reading rose to 140.7. April’s reading was 119.4.
“Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement. “However, consumers’ assessment of present day conditions held steady, suggesting little change in overall economic conditions. Looking ahead, consumers were somewhat less upbeat than in April, but overall remain optimistic that the economy will continue expanding into the summer months.”
The percentage of consumers who believe business conditions are “good,” as defined by the Index, decreased from 30.8 percent in April to 29.4 percent in May; the percentage of those who believe business conditions are “bad,” however, was unchanged at 13.7 percent. The percentage of those who expect business conditions to improve decreased from 25.1 percent in April to 21.3 percent in May; the percentage of those who expect business conditions to worsen also decreased, from 10.4 percent in April to 10.1 percent in May.
The percentage of consumers who believe jobs are “plentiful” decreased from 30.3 percent in April to 29.9 percent in May, according to the Index; the percentage of those who believe jobs are “hard to get” also decreased, from 19.4 percent in April to 18.2 percent in May. The percentage of those who expect more jobs in the coming months decreased from 21.9 percent in April to 18.6 percent in May; the percentage of those who expect less jobs in the coming months also decreased, from 13.8 percent in April to 12.0 percent in May.
The percentage of consumers who expect higher incomes, as well, increased from 18.7 percent in April to 19.2 percent in May; the percentage of those who expect a decrease also increased, from 7.6 percent in April to 8.7 percent in May.
Source: The Conference Board
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