Consumer Confidence Sees Unexpected Increase
June 1, 2020
Consumer confidence rose unexpectedly in May, climbing to 86.6 from April’s 85.7. While this is a modest increase, it is much better than the decline to 82.3 that economists had anticipated.
The Conference Board, which tracks the index, attributes the unexpected increase to consumers’ improving views on the short term performance of the economy in light of stores and restaurants reopening across the country.
However, consumers still feel pessimistic about their own personal finances, a worrying sign for an economy that will require robust consumer spending to drive recovery.