WASHINGTON – May saw an improvement in Americans’ perceptions of the economy, following five consecutive months of decline that drove consumer confidence to its lowest point since the beginning of the COVID-19 pandemic. The decline had been largely fueled by concerns over the repercussions of President Donald Trump’s tariffs.
The Conference Board reported on Tuesday that the consumer confidence index for May climbed by 12.3 points to reach 98, a significant increase from April’s 85.7, which marked the lowest level since May 2020.
Despite the rise in confidence, a gauge of Americans’ short-term outlook on their income, business environment, and job market surged by 17.4 points to 72.8. However, it still remained below 80, a level that could indicate an impending economic downturn.
The proportion of consumers surveyed saying they think a U.S. recession is coming in the next 12 months also declined from April.
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