US Consumer Confidence Rose in May
Is U.S. Consumer Confidence Truly Recovering?
The Conference Board reported that U.S. consumer confidence increased in May 2024 to 102.0 from 97.5 in April, marking an end to three consecutive months of declines. The Present Situation Index, reflecting current business and labor conditions, also rose, while the Expectations Index improved but remained below the recession-indicative threshold of 80.
Despite the uptick in confidence, consumers expressed ongoing concerns about future economic conditions, with rising inflation expectations and a higher perceived likelihood of a recession. Confidence varied by income and age, with higher confidence reported among younger and wealthier consumers. Purchasing plans for big-ticket items showed mixed trends.
What was the value of the Consumer Confidence Index in May 2024, and how does it compare to the previous month?
In May 2024, the Consumer Confidence Index was reported at 102.0. This represents an increase from the previous month, April 2024, when the index was at 97.5. This rise indicates an improvement in consumer confidence after three consecutive months of decline.
How did consumer confidence vary among different age groups and income levels in May 2024?
In May 2024, consumer confidence varied among different age groups and income levels. Overall, confidence improved among consumers of all age groups. In terms of income, those making over $100K expressed the largest rise in confidence. On a six-month moving average basis, confidence continued to be highest among the youngest (under 35) and wealthiest (making over $100K) consumers.