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United States Consumer Confidence May 2022

United States: Consumer confidence deteriorates but remains optimistic in May

Consumer confidence fell to 106.4 in May from April’s 108.6. As such, the index remained above the 100-threshold, signaling sustained optimism among consumers.

The headline print reflected a deterioration in consumers’ views of current labor market conditions and more pessimism regarding short-term business conditions.

Lynn Franco, senior director of economic indicators at The Conference Board, said:

“Purchasing intentions for cars, homes, major appliances, and more all cooled—likely a reflection of rising interest rates and consumers pivoting from big-ticket items to spending on services. […] inflation remains top of mind for consumers, with their inflation expectations in May virtually unchanged from April’s elevated levels. Looking ahead, expect surging prices and additional interest rate hikes to pose continued downside risks to consumer spending this year.”

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