Consumer Confidence Slips in May
|Consumer confidence slipped for the second straight month, falling 2.1 points to 92.6 in May. The softer read on consumer confidence comes on the same day as a stronger reading on April consumer spending.
Confidence Slips but Spending Stays Strong
- Consumers expressed more concern about current business conditions. Rising gasoline prices may have been a factor.
- The present condition series fell 4.2 points to 112.9, which is the lowest reading since November. The drop was led by a 3.4-point jump in the proportion of consumers stating that business conditions were bad and 1.6-point rise in the proportion of households stating that jobs were hard to get.
Concerns Do Not Appear To Be Impacting Spending
- Expectations fell less dramatically, slipping 0.7 points to a level of 79.0. Views on business conditions and employment were mixed, with both the proportion reporting improving and worsening prospects rising in May.
- Buying plans were the clear bright spot in this report, with plans to purchase an automobile rising 0.8 percentage points and plans to buy a home rising 0.7 percentage points.
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