After back-to-back monthly declines in March and April, consumer confidence edged slightly higher in May and while consumers’ take on the present situation worsened, expectations for the future are brightening slightly, explained analysts at Wells Fargo.
Key Quotes:
“The level of consumer confidence is down roughly a third from readings of 120 or better that prevailed for much of the past couple of years, but for now at least, it appears to have stopped falling.”
“The forward-looking expectations component rose for a second straight month to 96.9, which is higher than it was in October.
“While consumers have not lost faith in the future, the impact of layoffs and the challenges of the pandemic that remain are clearly weighing on consumers’ assessment of the present situation, which fell to 71.1, its lowest level in seven years.”
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