Consumer Confidence Declines Further Nationwide in May
The Conference Board Consumer Confidence Index, which had declined slightly in April, fell further in May. The Index now stands at 64.9 (1985=100), down from 68.7 in April. The Expectations Index declined to 77.6 from 80.4, while the Present Situation Index decreased to 45.9 from 51.2 last month.
Consumers’ appraisal of present-day conditions deteriorated in May. Those claiming business conditions are “bad” increased to 34.3% from 33.2%, while those saying business conditions are “good” decreased to 13.6% from 15.5%. Consumers’ appraisal of the job market was also less favorable. Those claiming jobs are “hard to get” increased to 41.0% from 38.1%, while those stating jobs are “plentiful” decreased to 7.9% from 8.4%.