Consumer Confidence Dips Slightly in May
On May 31, 2022, The Conference Board released the updated Consumer Confidence Index, revealing a slight decrease in May, following the previous month’s small increase. May’s Index now stands at 106.4 (1985=100), down 2.0% from the 108.6 Index in April (after an upward revision). The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—declined 2.2% to 149.6 in May from 152.9 last month, the decline driven solely by a perceived softening in labor market conditions—but overall, it remains at strong levels. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—declined more moderately by 1.9% to 77.5 from 79.0, consumers doubtful that the economy will pick of steam in the months ahead.