Source: The Conference Board
Consumer confidence in the United States retreated in May, dragged by weaker labor market conditions reported during the month. QQQ is down 0.63%, while SPY is down 0.85%.
- The Consumer Confidence Index stood at 106.4 in May, lower than the 108.6 in the previous month.
- The Present Situation Index fell to 149.6 from 152.9, while the Expectations Index slipped to 77.5 from 79.0.
- The Conference Board Senior Director Lynn Franco said the present situation slipped on a “perceived” softening in labor market conditions.
- Consumers were also said to not expect any acceleration in economic growth in the coming months.
- Conditions of the labor markets are expected to remain relatively strong, boosting confidence in the near term.
- Purchasing intentions also cooled during the month, along with the lower planning activity for vacations amid the inflationary uptick.