John Carney 30 May 2023
Consumer confidence fell in May as views of employment conditions deteriorated, a key survey of U.S. households showed Tuesday.
The Conference Board said its index of consumer confidence fell to 102.3, the lowest level since last November. The measure has declined in four out of the last five months.
“Consumers’ view of current conditions became somewhat less upbeat while their expectations remained gloomy,” said Ataman Ozyildirim, senior director of economics at the Conference Board. “Their assessment of current employment conditions saw the most significant deterioration.”
Economists had expected a lower reading. The median forecast was for a reading of 100.0. The prior month, initially reported at 101.3, was revised up to 103.7. So although consumer confidence fell, it is higher than reported in April.
The Conference Board said that plans to purchase autos and big-ticket appliances ticked up somewhat compared to April. Plans to purchase homes remained steady.
The expectations side of the index slipped to 71.5 from 71.7. With the exception of December, the expectations index has been below the 80 threshold consistent with a recession within the next year for 15 months. In other words, the measure suggests the economy is overdue for a recession.
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https://www.breitbart.com/economy/2023/05/30/consumer-confidence-falls/
