US consumer sentiment worsened in May

[BumRushDaShow]

Source: msn/WSJ

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Consumer confidence edged downward in May as the inflationary effects of the war in the Middle East intensified, a monthly survey from The Conference Board said.

The research group said Tuesday its consumer confidence index fell to 93.1 in May from an upwardly revised 93.8 in April. Economists polled by The Wall Street Journal had expected a reading of 92.0. Among age groups, confidence ticked up for consumers aged 35-54, but trended downward for older and younger consumers.

Consumers’ assessment of business and labor-market conditions retreated by 3.2 points to 121.2 in May. The expectations index, based on short-term outlook for income, business, and labor market conditions rose by one point to 74.4.

The Conference Board said perceptions of employment conditions declined slightly, with the labor market differential – the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get” – ticking down by 0.6 percentage points to 6.9. Economists watch this labor-market differential to gauge how tight labor conditions are for households.

Read more: https://www.msn.com/en-us/money/markets/us-consumer-sentiment-worsened-in-may/ar-AA246FS2

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(as a note - the Consumer "Sentiment" is a different calculated report but the WSJ used that term in their headline, where the Consumer Sentiment was reported last week - https://www.democraticunderground.com/10143668631)

Link to The Conference Board - PRESS RELEASE - US Consumer Confidence Edged Downward in May (dynamic link)