Saturday, September 23, 2023

US consumer confidence is less optimistic and fell in May


The Conference Board, the think tank that provides information on what’s to come on economic matters, reported that Consumer confidence index fell to 102.3 in MayDown from an upward revision of 103.7 in April.

“Consumer confidence declined in May because Consumer outlook has turned slightly less optimistic about the current situationwhile their hopes remain bleak,” said Atman Ozildirim, senior director of economics at The Conference Board.

“His assessment of current employment conditions recorded a most significant decline, a 4 percent drop in share of consumers reporting jobs are ‘abundant’from 47.5% in April to 43.5% in May,” Ozildirim said.

The report suggests that employment and income expectations remained relatively stable for the next six months. Although consumer confidence across all ages and income groups has declined over the past three months, the decline in May reflects a Especially significant decline in prospects among consumers age 55 and older,

,Consumer inflation expectations remain high, but stable. In May, consumers expected inflation to average 6.1% over the next 12 months, essentially unchanged from April’s 6.2%, though well below last year’s high of 7.9%. Nevertheless, consumers continued to see inflation as a major influence on their view of the US economy. Intentions to buy a home over the next six months held steady at around 5.6% in May, but were still significantly capped at 6 to 7% in the fourth quarter. of 2022. Plans to buy expensive cars and household appliances are slightly higher than in April,” Ozildirim said.

according to the report:

, 19.6% of consumers said business conditions were “good”Compared to 19.0% in the previous month.

, 17.0% said business conditions were “bad”compared to 18.1%.

, For 43.5% of consumers, jobs are “in abundance”compared to 47.5% the previous month.

, 12.5% ​​of consumers said jobs were “hard to find”compared to 10.6% in the previous month.

, 12.9% consumers expect business conditions to improvecompared to 14.1% in the previous month.

· During this, 20.6% expect business conditions to worsenSlightly lower than the previous 21.4%.

· He 13.6% of consumers expect more jobs to become availablecompared to 14.3%.

· however, 20.2% expect fewer jobscompared to 21.3%.

· He 17.8% of consumers expect their income to increaseSlightly higher than the previous month’s 17.3%.

Meanwhile he 11.5% expect their income to decreaselike last month.

For more information on the report, click here.

keep reading:
The Conference Board’s leading economic index declined for 13 consecutive months and the US economic outlook worsened.
Survey says Americans fear the country is heading for a 2008-like recession or worse
CEO confidence in the US for the second quarter is pessimistic and they expect a recession

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