Consumer confidence edged higher in May after two months of steep declines as businesses shuttered by the coronavirus pandemic gradually reopened, but the measure still hovers near six-year lows.
The closely watched index of Americans’ outlook rose to 86.6 from 85.7 in April, the Conference Board said Tuesday, driven by a pickup in expectations for the next six months. That comes after a record plunge last month. Economists surveyed by Bloomberg had forecasted a slightly bigger increase to 87.
“Following two months of rapid decline, the free fall in confidence stopped in May,” says Lynn Franco, the Conference Board’s senior director of economic indicators. “Short-term expectations moderately increased as the gradual reopening of the economy helped improve consumer spirits. However, consumers remain concerned about their financial prospects.”
Paul Davidson | USA TODAY