Summary
- U.S. May consumer confidence came in at 93.1, above the market forecast of 91.9.
- The previous month's consumer confidence reading was revised up to 93.8 from 92.8, leaving the May figure 0.7 point lower.
- Markets said the latest data did not signal a sharp deterioration in U.S. consumer sentiment, though the risk of a future consumer slowdown still bears watching amid high interest rates, rising oil prices and geopolitical uncertainty.
Forecast Trend Report by Period
U.S. consumer confidence rose above market expectations in May. Still, the reading was below the prior month's revised level, suggesting any recovery in consumer sentiment remains limited.
Investing.com reported on May 26 that the Conference Board's consumer confidence index stood at 93.1 in May, above the market forecast of 91.9.
The previous month's reading was revised up to 93.8 from 92.8. That left the May figure 0.7 point below the revised April level, even though it exceeded expectations.
The consumer confidence index is a key measure of how U.S. households view economic conditions and their willingness to spend. Because consumer spending accounts for a large share of U.S. gross domestic product, the indicator is used to gauge whether growth is slowing and how inflation may develop.
Markets do not view the latest reading as a sign of a sharp deterioration in U.S. consumer sentiment. But the month-over-month decline is still seen as a factor to watch for a possible slowdown in spending, with high interest rates, rising oil prices and geopolitical uncertainty persisting.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
