Please ensure Javascript is enabled for purposes of website accessibility
Consumer Confidence Ticks Down in May, but Remains Strong
gvw_ap_news
By Associated Press
Published 4 years ago on
May 25, 2021

Share

SILVER SPRING, Md. — Consumer confidence ticked down slightly in May but remains nearly as high as its been since the pandemic began.

The Conference Board reported Tuesday that its consumer confidence index fell to 117.2 from April’s 117.5 reading, the highest level since February of 2020, just before the pandemic began.

The present situation index, based on consumers assessment of current business and labor market conditions, rose to 144.3 from 131.9. Although the percentage of consumers surveyed claiming that business conditions are “good” fell slightly from 19.4% to 18.7%, those claiming conditions are “bad” declined more, from 24.5% in April to 21.8% in May.

Consumers’ assessment of the labor market also improved as the percentage of consumers saying jobs are “plentiful” climbed from 36.3% to 46.8%. Those saying that jobs are hard to get fell to 12.2% from 14.7%. Unemployment claims have fallen to pandemic lows each week for the past the month.

The Conference Board’s expectations index, based on consumers’ short-term views for income, business and the job market, fell to 99.1 in May, from 107.9 in April.

Experts Expect More Economic Growth in April-June Quarter

Consumers’ expectations for the future may be less bright because the tailwind from Americans spending their $1,400 stimulus checks could be fading. Earlier this month, the Commerce Department reported that retail sales in the U.S. flattened out in April after soaring in March, when many Americans received those government checks and boosted their spending.

Economists have said that rising confidence should bolster overall economic growth as consumers, who account for 70% of economic activity, spend more as lockdown restrictions are eased or abandoned altogether in many places.

Recent government data shows that the nation’s gross domestic product — its total output of goods and services — is expected to continue to rise. Following a 4.3% gain in the fourth quarter of 2020, the government’s first estimate of the January-March quarter came in at a brisk 6.4% annual rate. Some economists expect even bigger growth in the current April-June quarter — an annual pace of 10% or more — driven by a surge in people traveling, shopping, dining out and resuming their pre-pandemic spending habits.

That optimism is on full display in U.S. markets with five of the six top gainers on the S&P 500 carrying the tickers of airlines or cruise companies.

Shares in United Airlines rose more than 5% Tuesday after the airline said ticketed yields from casual travelers are near prepandemic levels. Shares in Delta Air Lines jumped 2% after the company said bookings have been better than expected.

DON'T MISS

Fresno County Head-On Crash Sends Two to the Hospital

DON'T MISS

Israeli Strikes on Gaza Overnight Leaves More Than 50 Palestinians Dead

DON'T MISS

Clovis Police Seek Three Suspects in Credit Card Fraud Case

DON'T MISS

Ohtani’s Walk-off Homer Boosts Dodgers to 8-0 With Another Comeback Win

DON'T MISS

Colorado Man Charged with Pointing Laser at Fresno Sheriff Helicopter

DON'T MISS

Hungary to Exit ICC as Netanyahu Visits Amid Arrest Warrant Dispute

DON'T MISS

Rubio Visits NATO Amid European Alarm Over Trump’s Agenda

DON'T MISS

Dow Drops 1,200 as US Stock Market Leads a Worldwide Sell-off Following Trump’s Tariff Shock

DON'T MISS

Senate Rebukes Trump’s Tariffs as Some Republicans Vote to Halt Taxes on Canadian Imports

DON'T MISS

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

UP NEXT

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

UP NEXT

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

UP NEXT

State Center Trustees Render Split Decision on Future of PLAs

UP NEXT

Why Project Labor Agreements Are Good for Our Schools and Students: Opinion

UP NEXT

Trump Proposes Tax Deduction for Auto Loan Interest on US-Made Cars

UP NEXT

Western US Sees Sharp Increase in Extreme Weather Impact

UP NEXT

Amazon Said to Make a Bid to Buy TikTok in the US

UP NEXT

7-Year-Old Girl Was Killed by a Falling Boulder at a Lake Tahoe Ski Resort

UP NEXT

Tesla Sales Tumble 13% as Musk Backlash, Competition and Aging Lineup Turn off Buyers

UP NEXT

Trump Is Set to Unveil Expansive Global Tariffs

Ohtani’s Walk-off Homer Boosts Dodgers to 8-0 With Another Comeback Win

28 minutes ago

Colorado Man Charged with Pointing Laser at Fresno Sheriff Helicopter

35 minutes ago

Hungary to Exit ICC as Netanyahu Visits Amid Arrest Warrant Dispute

46 minutes ago

Rubio Visits NATO Amid European Alarm Over Trump’s Agenda

50 minutes ago

Dow Drops 1,200 as US Stock Market Leads a Worldwide Sell-off Following Trump’s Tariff Shock

55 minutes ago

Senate Rebukes Trump’s Tariffs as Some Republicans Vote to Halt Taxes on Canadian Imports

14 hours ago

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

18 hours ago

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

18 hours ago

Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption

19 hours ago

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’

19 hours ago

Fresno County Head-On Crash Sends Two to the Hospital

A head-on collision on Old Millerton Road happened after an impatient driver crossed over a solid yellow line while attempting to pass anoth...

6 minutes ago

6 minutes ago

Fresno County Head-On Crash Sends Two to the Hospital

Yamama Jundia, 13, injured in an Israeli airstrike, grieves alongside others over the bodies of their relatives, who were killed in the same strike, at the Baptist Hospital in Gaza City on Thursday, April 3, 2025. (AP/Jehad Alshrafi)
16 minutes ago

Israeli Strikes on Gaza Overnight Leaves More Than 50 Palestinians Dead

Clovis police are seeking public help in identifying three suspects involved in a credit card fraud case after a stolen card was used at Best Buy and Target. (Clovis PD)
23 minutes ago

Clovis Police Seek Three Suspects in Credit Card Fraud Case

Los Angeles Dodgers' Shohei Ohtani hits a walk-off solo home run against as Atlanta Braves catcher Atlanta Braves' Chadwick Tromp looks on during the ninth inning of a baseball game Wednesday, April 2, 2025, in Los Angeles. (AP/Kevork Djansezian)
28 minutes ago

Ohtani’s Walk-off Homer Boosts Dodgers to 8-0 With Another Comeback Win

35 minutes ago

Colorado Man Charged with Pointing Laser at Fresno Sheriff Helicopter

Hungary’s ICC withdrawal aligns with Netanyahu’s defiance of his arrest warrant, straining EU relations and raising global concerns.
46 minutes ago

Hungary to Exit ICC as Netanyahu Visits Amid Arrest Warrant Dispute

Secretary of State Marco Rubio speaks during the International Women of Courage Awards Ceremony at the Department of State in Washington on Tuesday, April 1, 2025. Rubio traveled to Brussels on Thursday for a gathering of NATO foreign ministers amid high anxiety over the Trump administration’s approach to Europe, including the war in Ukraine, relations with Russia and President Trump’s growing trade war with the continent. (Maansi Srivastava/The New York Times)
50 minutes ago

Rubio Visits NATO Amid European Alarm Over Trump’s Agenda

55 minutes ago

Dow Drops 1,200 as US Stock Market Leads a Worldwide Sell-off Following Trump’s Tariff Shock

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

Search

Send this to a friend