Confidence in Recovery Wanes
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The latest data from the Conference Board showed US consumers are losing confidence in the economic recovery.
The Board's Consumer Confidence Index fell to 60.8 in May, down from 66.0 from April. The reading was also worse than the 66.6 economists had expected.
Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects." said Lynn Franco, Director of The Conference Board Consumer Research Center. Recently-eased inflation concerns have picked up once again, she noted.
Consumers' assessment of current conditions fell. Those who see "good" business conditions decreased from 15.5 percent to 14.6 percent. Those seeing "bad" business conditions increased from 35.9 percent to 37.1 percent.
Consumers' also see the labor market as worse. Consumers who believe jobs are "hard to get" increased from 42.4 percent to 43.9 percent, while those stating jobs are "plentiful" increased from 5.1 percent to 5.6 percent. Survey-takers also see less jobs in the short term. Consumers who expect more jobs in the next six months fell from 17.8 percent to 15.9 percent, while those anticipating fewer jobs increased from 18.7 percent to 20.8 percent.
Consumers' short-term outlook also declined. Consumers expecting business conditions to improve over the next six months declined from 19.2 percent to 17.0 percent, while those anticipating business conditions will worsen increased from 14.0 percent to 15.5 percent.
The Board's Consumer Confidence Index fell to 60.8 in May, down from 66.0 from April. The reading was also worse than the 66.6 economists had expected.
Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects." said Lynn Franco, Director of The Conference Board Consumer Research Center. Recently-eased inflation concerns have picked up once again, she noted.
Consumers' assessment of current conditions fell. Those who see "good" business conditions decreased from 15.5 percent to 14.6 percent. Those seeing "bad" business conditions increased from 35.9 percent to 37.1 percent.
Consumers' also see the labor market as worse. Consumers who believe jobs are "hard to get" increased from 42.4 percent to 43.9 percent, while those stating jobs are "plentiful" increased from 5.1 percent to 5.6 percent. Survey-takers also see less jobs in the short term. Consumers who expect more jobs in the next six months fell from 17.8 percent to 15.9 percent, while those anticipating fewer jobs increased from 18.7 percent to 20.8 percent.
Consumers' short-term outlook also declined. Consumers expecting business conditions to improve over the next six months declined from 19.2 percent to 17.0 percent, while those anticipating business conditions will worsen increased from 14.0 percent to 15.5 percent.
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