U.S Consumer Confidence Index was 117.2 in May, down slightly from April’s 117.5, according to Conference Board press release. The confidence reflected falling expectations as the index measuring short-term outlook in labor market conditions, business, and income plunged from April’s 107.9 to 99.1 in May.
Consumers’ views of the current labor and business conditions improved as the Present Situation Index ticked higher from 131.9 in April to 144.3 in May.
The improved Present Situation Index suggests a robust growth in the second quarter, amid expectations of softened labor market in the coming months.
Consumers remained less optimistic this month on concerns of rising prices and waning stimulus.
American consumers were optimistic overall as vaccinations rise, Covid cases fall, and the economy transitions to full reopening.
U.S stocks are currently mixed as the dollar declines. SPY is down 0.017%, QQQ is up 0.063%, EURUSD is up 0.28%
