US Conference Board consumer confidence for May 117.2 versus 119.0 estimate

• Present situation 144.3 versus a revised 131.9 last month. It was previously reported at 139.6
• expectations 99.1 versus 107.9 last month (previously reported 109.8).

Lynn Franco, Senior Dir. of economic indicators  at the conference board said :

“After rebounding sharply in recent months, U.S. consumer confidence was essentially unchanged in May.  Consumers’ assessment of present-day conditions improved, suggesting economic growth remains robust in Q2. However, consumers’ short-term optimism retreated, prompted by expectations of decelerating growth and softening labor market conditions in the months ahead. Consumers were also less upbeat this month about their income prospects-a reflection, perhaps, of both rising inflation expectations and a waning of further government support until expanded Child Tax Credit payments begin reaching parents in July. Overall, consumers remain optimistic, and confidence should remain resilient in the short term, as vaccination rates climb, COVID-19 cases decline further, and the economy fully reopens.”

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