Consumer Confidence Declines for Second Consecutive Month

The Conference Board Consumer Confidence Index decreased to 117.9 in May, down 1.5 points from April. The Present Situation Index rose 0.4 point to 140.7, while the Expectations Index declined 2.8 points to 102.6.

“Consumer confidence decreased slightly in May, following a moderate decline in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “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.”

Consumers’ labor market outlook was mixed during May. The percentage of consumers expecting more jobs in the coming months decreased from 21.9% to 18.6%, while the share anticipating fewer jobs decreased from 13.8% to 12.0%. Income expectations rose, as 19.2% of consumers expected their incomes to increase in coming months, up from 18.7% in April.

Read the Conference Board release.