The Consumer Confidence Survey published by the Conference Board today revealed that the Consumer Confidence Index in May rose to 134.1 from 129.2 in April and came in better than the market expectation of 130.
The market reaction to this reading was relatively muted with the US Dollar Index clinging to small daily gains at 97.78.
“Expectations regarding the short-term outlook for business conditions and employment improved, but consumers’ sentiment regarding their income prospects was mixed,” Lynn Franco, Senior Director of Economic Indicators at the Conference Board explained. “Consumers expect the economy to continue growing at a solid pace in the short-term, and despite weak retail sales in April, these high levels of confidence suggest no significant pullback in consumer spending in the months ahead.”
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