US consumer confidence rebounds from lowest since July 2022

US consumer confidence rebounds from lowest since July 2022

Confidence improves after 3 months of decline; consumers cite food prices as having biggest effect on their view of economy

By Ovunc Kutlu

ISTANBUL (AA) - US consumer confidence increased in May, rebounding from its lowest since July 2022, according to the New York-based The Conference Board on Tuesday.

The consumer confidence index, a leading indicator of consumer spending and economic activity, rose 4.5 points to 102.0 in May from the revised figure of 97.5 in April.

While the index improved after three consecutive months of decline, the expectation for the index was to come in at 96.0.

"Consumers’ assessment of current business conditions was slightly less positive than last month," said Dana Peterson, chief economist at the Conference Board. "However, the strong labor market continued to bolster consumers’ overall assessment of the present situation."

"Views of current labor market conditions improved in May, as fewer respondents said jobs were ‘hard to get,’ which outweighed a slight decline in the number who said jobs were ‘plentiful.’ Looking ahead, fewer consumers expected deterioration in future business conditions, job availability, and income, resulting in an increase in the Expectation Index," she added.

Peterson said American consumers cited prices, especially for food and groceries, as having the greatest effect on their view of the US economy.

Their average 12-month inflation expectations ticked up from 5.3% to 5.4% in May, she noted.

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