US consumer confidence fell for the third month in a row in May according to the Conference Board. May's 64.9 reading is the lowest since January and contrasts sharply with the Michigan sentiment index for the same month, which is now at the highest since October 2007.
It's unclear which of the two indices is telling the correct story about consumer confidence. That said the drop in the Conference Board’s index is a bit puzzling because the same survey showed more eagerness among consumers to spend on big-ticket items like autos and appliances. So, the drop in May doesn’t have to translate into lower consumption spending. Moreover, as today’s Hot Chart shows, the Michigan index tends to be more correlated with real US consumption spending. No matter which one tells the most accurate story about consumers, the important thing is that both indices are well above the levels seen in October of last year. But it's crucial that the labour market regains some momentum so that those spending intentions materialize.
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US: How Are Consumers Really Feeling?
Published 05/30/2012, 08:38 AM
Updated 05/14/2017, 06:45 AM
US: How Are Consumers Really Feeling?
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