The Consumer Confidence Index was 98 in May, up from 85.7 in April, the Conference Board said. The present situation index — based on consumers’ assessment of current business and labor market conditions — rose 4.8 points to 135.9. The expectations index — based on consumers’ short-term outlook for income, business and labor market conditions — increased 17.4 points to 72.8.
“Consumer confidence improved in May after five consecutive months of decline,” said Stephanie Guichard, senior economist, global indicators, at the Conference Board. “The rebound was already visible before the May 12 U.S.-China trade deal but gained momentum afterwards. The monthly improvement was largely driven by consumer expectations as all three components of the expectations index — business conditions, employment prospects, and future income — rose from their April lows. Consumers were less pessimistic about business conditions and job availability over the next six months and regained optimism about future income prospects.”
