07122020Sun
Last updateThu, 09 Jul 2020 3pm

Manufacturing & The Economy

Consumer Confidence “Free-Fall” Stops in May

The Conference Board Consumer Confidence Index held steady in May, following a sharp decline in April. The Index now stands at 86.6, up from 85.7 in April.

“Following two months of rapid decline, the free-fall in confidence stopped in May,” says Lynn Franco, senior director of economic indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.”

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