Conference Board: U.S. consumer confidence rises to 83.0 in May

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Confidence among American consumers improved in May due to better view about the economy, according to a report by a private research group released Tuesday.

The consumer confidence index by Conference Board rose to 83.0 in May from a revised 81.7 in April that was initially estimated at 82.3.

The reading for May is in line with estimates of economists surveyed by The Wall Street Journal who called for 83.0.

The present situation index, which measures consumers’ view of current economic conditions, climbed to 80.4 from April’s revised 78.5 reading, initially estimated at a three-month low of 78.3.

Looking forward, consumer expectations for the next six months’ economic activity inched up to 84.8 from a revised 83.9, originally put at 84.9.

Tuesday’s results showed 14.1 percent of consumers in May said that there are “plentiful” jobs available, higher than 13.0 percent last month. Those who think jobs are “hard to get” stood at 32.3 percent, lower than 32.8 percent who said the same in April, according to the board’s survey.

Consumers anticipating more jobs in the future rose to 15.4 percent in May from April’s 14.7 percent, while the percentage anticipating fewer jobs increased to 18.3 percent from last month’s 18.0 percent.

The survey also showed that 18.3 percent of respondents expect their incomes to increase in the next six months and 14.5 percent think their incomes will fall.

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