WASHINGTON, D.C. ― US consumers appeared less gloomy about the job market and future business conditions in May, according to a survey released on Tuesday.
The Conference Board's consumer confidence index posted a surprise increase this month to 102.0 despite analyst expectations of a decline from April's 97.5 level.'Confidence improved in May after three consecutive months of decline,' said The Conference Board's chief economist Dana Peterson.
But consumers appeared wary of inflation, with expectations of price hikes ticking up ― alongside an anticipation of higher interest rates.'The survey also revealed a possible resurgence in recession concerns,' Peterson warned, noting that more people believed a recession is somewhat or very likely in the next 12 months.
Consumer Confidence Sees Surprise Uptick In May
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