Complete Story
05/30/2024
After Sustained Declines, U.S. Consumer Confidence Rises in May
It climbed to 74.6 this month from 68.8 in April
Consumer confidence in the U.S. rose in May after three straight months of declines, though inflation and interest rates remain concerns.
By the numbers: The Consumer Confidence Index, produced by The Conference Board, measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
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The measure of Americans’ short-term expectations for income, business and the job market climbed to 74.6 this month from 68.8 in April.
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The number of respondents who said they planned to buy a car rose slightly for the second straight month and those who said they planned to buy a major appliance rose for the first time in several months.
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However, the number of Americans who said they plan to purchase a home remained at its lowest level since August 2012.
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Sales of existing homes slumped in April as high mortgage rates and rising prices kept potential buyers away.
Consumer confidence in the labor market also continues to rise, despite fewer jobs being added in April than expected. Even though the unemployment rate ticked up to 3.9 percent in April, it was the 27th straight month that joblessness has been below 4 percent, which is the longest stretch since the 1960s.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
