The Consumer Confidence Index was 102 in May, up from 97.5 the previous month, the Conference Board said today. The present situation index—based on consumers’ assessment of current business and labor market conditions—increased to 143.1 from 140.6 the previous month. The expectations index—based on consumers’ short-term outlook for income, business and labor market conditions—rose to 74.6 from 68.8.
“Consumers’ assessment of current business conditions was slightly less positive than last month. However, the strong labor market continued to bolster consumers’ overall assessment of the present situation,” said Dana Peterson, chief economist at the Conference Board. “Views of current labor market conditions improved in May, as fewer respondents said jobs were ‘hard to get,’ which outweighed a slight decline in the number who said jobs were ‘plentiful.’ Looking ahead, fewer consumers expected deterioration in future business conditions, job availability and income, resulting in an increase in the expectations index.”
