Consumer Confidence Declines Again in May
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Consumer confidence fell in May as Americans became more pessimistic about the labor market, on top of elevated anxiety over inflation.
The Conference Board reported May 30 that its consumer confidence index fell to 102.3 in May from 103.7 in April. It’s the fourth time in five months that overall U.S. consumer confidence has declined.
The business research group’s present situation index — which measures consumers’ assessment of current business and labor market conditions — fell to 148.6 from 151.8 last month.
The board’s expectations index — a measure of consumers’ six-month outlook for income, business and labor conditions — inched down to 71.5 this month from 71.7 in April.
#ConsumerConfidence slipped in May to 102.3 (1985=100), down from 103.7 in April.
🌡️ #PresentSituation Index fell 3.2 pts to 148.6.
📉#ExpectationsIndex fell 0.2 pts to 71.5—and has now been below 80 every month except one since Feb 2022.
Full Report: https://t.co/GvJeqr46OV pic.twitter.com/e1liAaAqjY — The Conference Board (@Conferenceboard) May 30, 2023
A reading under 80 often signals a recession in the coming year. The Conference Board noted that reading has come in below 80 every month but one since February 2022.
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