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US Consumer Confidence Slips as Perceived Labor Conditions Weaken

May 31, 2022 by Forex Winner Leave a Comment

US Consumer Confidence Slips as Perceived Labor Conditions Weaken

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.

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