Consumer confidence improves for the first time since November
A customer shops at a department store in Queens on April 10 in New York City.
By Bryan Mena, CNN
Washington (CNN) — It’s been a little while since Americans had an inkling of optimism about the economy.
Consumer confidence rose 12.3 points this month to a reading of 98, the Conference Board said in its latest survey released Tuesday, the first monthly gain since November. That’s higher than economists’ expectations for a reading of 88, according to data firm FactSet.
For the past several months, President Donald Trump’s sweeping policy changes, including his ongoing trade war, have taken a toll on people’s attitudes toward the economy. Last month, consumer confidence fell to its lowest level since the early days of the Covid pandemic.
But progress in Trump’s negotiations with other countries over trade gave Americans a sense of hope this month.
“The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards,” Stephanie Guichard, senior economist at the Conference Board, said in a release. “The monthly improvement was largely driven by consumer expectations as all three components of the Expectations Index — business conditions, employment prospects, and future income — rose from their April lows.”
This story is developing and will be updated.
The-CNN-Wire
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