Optimism is inching up from six year low.
Consumer confidence picked up slightly during May, showing signs of stabilizing, but still remaining near a six-year low in the face of the widespread business shutdowns that have sent the economy into a tailspin.
The Conference Board that measures the confidence index said the conditions had consumers’ level of confidence in the economy tumbling more than 20 points from February to April, inching up slightly toward the end of May as businesses began to reopen.
Optimism about the economy in general has improved slightly as states gradually lift shelter-in-place orders and many categories of businesses are being allowed to reopen under certain conditions.
“Following two months of rapid decline, the free-fall in confidence stopped in May,” said Lynn Franco, senior director of economic indicators at the Conference Board. ”Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits.”
As the Lord Leads, Pray with Us…
- With thanksgiving that Americans are beginning to feel better about the country’s economic future.
- That the reopening of segments of the nation’s businesses would not create a new surge in coronavirus cases; but that the pandemic would be contained.
- For hospital workers, doctors, nurses and others, for pharmacists, for first-responders and others who have been the “front line” workers to have health and be safe from exposures that are life threatening.
Sources: Market Watch, Business Insider
