The Conference Board’s Consumer Confidence Index, which had declined in April, declined slightly in May too.
“Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, director of economic indicators. 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.”
Those saying business conditions are good edged down from 30.8 percent to 29.4 percent, but those saying business conditions are bad was unchanged at 13.7 percent.
Consumers’assessment of the labor market also remained positive. Those stating jobs are plentiful declined marginally from 30.3 percent to 29.9 percent, but those claiming jobs are hard to get decreased from 19.4 percent to 18.2 percent.
Consumers were less optimistic about the short-term outlook in May. The percentage of consumers expecting business conditions to improve over the next six months decreased from 25.1 percent to 21.3 percent, even as those expecting business conditions to worsen declined marginally from 10.4 percent to 10.1 percent.
Consumers’ outlook for the labor market was mixed. The proportion expecting more jobs in the months ahead declined from 21.9 percent to 18.6 percent, but those anticipating fewer jobs decreased from 13.8 percent to 12 percent.
The percentage of consumers expecting their incomes to increase edged up from 18.7 percent to 19.2 percent, but the proportion expecting a decrease also rose, from 7.6 percent to 8.7 percent