US consumer confidence near 18-year high
A trade war may be raging with China and other foreign nations but U.S. consumers do not seem too worried that the tiff will hurt the U.S. economy.
Consumer confidence jumped in May to 134.1 vs. 129.2 in April, according to the index published by the Conference Board. Lynn Franco, Senior Director of Economic Indicators, noted the index is near an 18-year high, a level reached last fall, according to a statement.
Also notable is ‘The Expectations Index’ – which tracks short-term views on the labor market and earning power – it rose to 106.6 from 102.7. The ‘The Present Situation Index’ – which tracks real-time sentiment – rose to 175.2 from 169.0, although consumers were mixed in their views about income and wages.
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The positive data also comes as U.S. stocks wind down a weak May, on track to be the worst since 2012 for all three of the major averages and the Russell 2000, which tracks domestic companies, according to Dow Jones Market Data Group.
To sum it up, consumers are generally positive and expect that the U.S. economy will continue to hum along in the coming weeks and months.