5/25/2021 2:07:15 PM GMT | By Eren Sengezer
CB Consumer Confidence Index fell modestly in May.
US Dollar Index stays relatively quiet below 90.00 after the data.
Consumer confidence in the US weakened modestly in May with the Conference Board s Consumer Confidence Index declining to 117.2 from 117.5 in April (revised from 121.7). This reading came in worse than Reuters estimate of 119.2.
Further details of the publication showed that the Present Situation Index improved to 144.3 from 131.9 and the Consumer Expectations Index fell to 99.1 from 107.9. Finally, the One-year Consumer Inflation Rate Expectations increased to 6.5% from 6.2% in April.
Market reaction
This report doesn t seem to be having a noticeable impact on the greenback s performance against its major rivals. As of writing, the US Dollar Index was losing 0.15% at 89.70.
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May 2021 Conference Board Consumer Confidence Little Changed
The latest
Conference Board Consumer Confidence Index s headline number was little changed in May. The Index now stands at 117.2 (1985=100), down marginally from 117.5 in April. A quote from the Conference Board:
. consumers short-term optimism retreated, prompted by expectations of decelerating growth and softening labor market conditions in the months ahead .
Analyst Opinion of Conference Board Consumer Confidence
Consumer confidence had been steady for the previous two years - but the coronavirus killed the upswing. Consumer confidence during the pandemic was as low as seen in 2014 - but now has improved to nearly pre-pandemic levels.