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University of Michigan
A falloff in consumer confidence in May is due to surging inflation that consumers anticipate will persist in the year ahead, according to the University of Michigan Surveys of Consumers.
Record proportions of consumers reported higher prices across a wide range of discretionary purchases, including homes, vehicles and household durables. The impact of higher prices on discretionary spending will be offset by the more than $2 trillion increase in savings in the past year as well as by improving job and wage prospects, says U-M economist Richard Curtin, director of the surveys.
While higher inflation will diminish real incomes, the data still indicate an exceptionally robust outlook for consumer spending through mid-2022, he says.
Consumer Confidence Holds Steady In May
The Conference Board Consumer Confidence Index® held steady in May, following a gain in April. The Index now stands at 117.2 (1985=100), down marginally from 117.5 in April. The Present Situation Index based on consumers assessment of current business and labor market conditions increased from 131.9 to 144.3. However, the Expectations Index based on consumers short-term outlook for income, business, and labor market conditions fell to 99.1 in May, down from 107.9 last month. After rebounding sharply in recent months, U.S. consumer confidence was essentially unchanged in May, said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. Consumers assessment of present-day conditions improved, suggesting economic growth remains robust in Q2. However, consumers short-term optimism retreated, prompted by expectations of decelerating growth and softenin
/PRNewswire/ The Conference Board Consumer Confidence Index® held steady in May, following a gain in April. The Index now stands at 117.2 (1985=100), down.