US consumer confidence holds steady in May

27 May, 2021 12:00 AM printer

WASHINGTON: American consumers were very upbeat about the current economic situation this month but more uncertain about the near-term outlook, according to a survey released on Tuesday.

With that mixed sentiment, the Conference Board’s Consumer Confidence Index held steady in May at 117.2 from 117.5 in April—a figure revised sharply lower but still the highest since March 2020, when the pandemic shuttered the US economy, reports AFP.

Respondents this month expressed more confidence about current business conditions and job prospects, and the present situation index jumped more than 12 points to 144.3, the report said.

However, the expectations index fell nearly nine points to 99.1, with consumers less optimistic about the chance of finding jobs and about the business environment in the coming six months. Confidence had rebounded sharply in recent months, “However, consumers’ short-term optimism retreated, prompted by expectations of decelerating growth and softening labor market conditions in the months ahead,” said Lynn Franco, senior director of economic indicators at The Conference Board.