Please ensure Javascript is enabled for purposes of website accessibility

US Consumer Spending Falls as Trump Tariff’s Muddle Economy

18 hours ago

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

20 hours ago

In Win for Trump, US Supreme Court Limits Judges’ Power to Block Birthright Citizenship Order

21 hours ago

California’s Newsom Sues Fox News for $787 Million for Defamation Over Trump Call

21 hours ago

Motorcycle Collides With Tractor in Fatal Fresno County Collision

21 hours ago

Fourth of July Celebrations Begin Saturday. Here’s Your Fresno Area Guide

23 hours ago

Bill Moyers, Broadcaster and LBJ’s White House Press Secretary, Dies at 91

2 days ago

State Department Approves $30 Million for Gaza Humanitarian Foundation

2 days ago

Cargo Ship That Caught Fire Carrying Electric Vehicles Sinks in the Pacific

2 days ago

4 Million Acres of California Forests Could Lose Protection. What Trump’s ‘Roadless Rule’ Repeal Could Do

3 days ago
Consumer Confidence Up Slightly but Remains Near 6-Year Low
gvw_ap_news
By Associated Press
Published 5 years ago on
May 26, 2020

Share

WASHINGTON — U.S. consumer confidence inched up this month, showing signs of stabilizing, but remained near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession.

The Conference Board said Tuesday that its confidence index ticked up to a reading of 86.6 in May from 85.7 in April. The index, which reflects consumers’ assessments of present conditions and expectations about the future, had plummeted during the previous two months. The index had reached 130.7 in February before tumbling about 12 points in March and by more than 20 in April.

The coronavirus pandemic has forced businesses across the country to close, stifling consumer spending, which drives about 70% of all economic activity in the the United States. Optimism about the economy in general has improved slightly as states have gradually lifted shelter-in-place orders and many categories of businesses have been allowed to reopen under certain restrictions.

Consumers Were More Optimistic About the Short-Term Outlook

“Following two months of rapid decline, the free-fall in confidence stopped in May,” said Lynn Franco, senior director of economic indicators at the Conference Board. ”Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits.”

The present conditions index, based on how consumers feel about current business and labor market conditions, declined slightly from 73 to 71.1. The proportion of consumers who described business conditions as “good” fell from 19.9% to 16.3%, while those who characterized business conditions as “bad” rose from 45.3% to 52.1%.

Consumers were more optimistic about the short-term outlook. The proportion who expect business conditions to improve over the next six months rose from 39.8% to 43.3%. Those who foresee business conditions worsening declined from 25.1% to 21.4%.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Mamdani’s NYC Primary Win Sparks Surge in Anti-Muslim Posts, Advocates Say

DON'T MISS

Trump Sends in DOGE to Slash Federal Gun Regulations by July 4

DON'T MISS

Tensions Flare at Announcement of Major Fresno County Gang Takedown

DON'T MISS

Measure C ‘Blackmailed’ As Fresno Enviro Coalition Gets Huge Say on Transportation Tax

DON'T MISS

Despite $49M Deficit, Fresno Unified Gives Top Brass 5% Raise, 3% One-Time Bonus

DON'T MISS

US Consumer Spending Falls as Trump Tariff’s Muddle Economy

DON'T MISS

US Supreme Court Preserves Key Element of Obamacare

DON'T MISS

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

DON'T MISS

Fresno Unified Trustees Will Get Automatic Raises on Tuesday

DON'T MISS

Alleged ‘Fake’ ICE Agents Charged. Fresno Court Date Set

UP NEXT

Bill Moyers, Broadcaster and LBJ’s White House Press Secretary, Dies at 91

UP NEXT

Tesla Executive, Elon Musk Confidant Leaves EV Maker, Bloomberg News Reports

UP NEXT

How a Birthday Boat Ride on Lake Tahoe Turned Tragic

UP NEXT

Cuomo Concedes to Mamdani in New York City Democratic Mayoral Contest

UP NEXT

Mamdani Holds Lead Over Cuomo in Democratic Primary for NYC Mayor

UP NEXT

Clovis Man Sentenced to 8 Years in Federal Prison in Deadly Fentanyl Case

UP NEXT

Victims Identified as Death Toll Climbs to 8 in Lake Tahoe Boating Tragedy

UP NEXT

Florida to Build ‘Alligator Alcatraz’ Detention Center for Migrants in Everglades

UP NEXT

Americans Worry Conflict With Iran Could Escalate, Reuters/Ipsos Poll Finds

UP NEXT

Advisory Warns of ‘Heightened Threat Environment’ in US After Iran Strikes

Measure C ‘Blackmailed’ As Fresno Enviro Coalition Gets Huge Say on Transportation Tax

16 hours ago

Despite $49M Deficit, Fresno Unified Gives Top Brass 5% Raise, 3% One-Time Bonus

16 hours ago

US Consumer Spending Falls as Trump Tariff’s Muddle Economy

18 hours ago

US Supreme Court Preserves Key Element of Obamacare

19 hours ago

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

20 hours ago

Fresno Unified Trustees Will Get Automatic Raises on Tuesday

20 hours ago

Alleged ‘Fake’ ICE Agents Charged. Fresno Court Date Set

21 hours ago

In Win for Trump, US Supreme Court Limits Judges’ Power to Block Birthright Citizenship Order

21 hours ago

California’s Newsom Sues Fox News for $787 Million for Defamation Over Trump Call

21 hours ago

Motorcycle Collides With Tractor in Fatal Fresno County Collision

21 hours ago

Mamdani’s NYC Primary Win Sparks Surge in Anti-Muslim Posts, Advocates Say

WASHINGTON — Anti-Muslim online posts targeting New York City mayoral candidate Zohran Mamdani have surged since his Democratic primary upse...

2 minutes ago

Zohran Mamdani Speaks to Supporters
2 minutes ago

Mamdani’s NYC Primary Win Sparks Surge in Anti-Muslim Posts, Advocates Say

American Flag Revolver
15 hours ago

Trump Sends in DOGE to Slash Federal Gun Regulations by July 4

Rob_Bonta_Speaking_At_Press_Conference_1280x720
15 hours ago

Tensions Flare at Announcement of Major Fresno County Gang Takedown

Garry_Bredefeld_Sandra_Celedon_Mesure_C_1280x720
16 hours ago

Measure C ‘Blackmailed’ As Fresno Enviro Coalition Gets Huge Say on Transportation Tax

Fresno_Unified_Raises_1280x720
16 hours ago

Despite $49M Deficit, Fresno Unified Gives Top Brass 5% Raise, 3% One-Time Bonus

Eastern Market in Washington, D.C.
18 hours ago

US Consumer Spending Falls as Trump Tariff’s Muddle Economy

Obamacare Sign in San Ysidro, California
19 hours ago

US Supreme Court Preserves Key Element of Obamacare

Pride Flags Fly in New York
20 hours ago

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

Help continue the work that gets you the news that matters most.

Search

Send this to a friend