US consumer confidence up 0.7% MoM in May

Friday, 29. May 2020 16:00

Consumer Sentiment Index in the United States rose 0.7% to 72.3 in May compared to the previous month, but failed to meet the estimates, the University of Michigan stated in its final report published on Friday. On the other hand, the index annually plunged 27.7%.

Current Economic Conditions registered a 10.8% increase month-on-month to reach 82.3, but recorded a yearly drop of 25.2%. Meanwhile, the Consumer Expectations Index fell monthly 6% and yearly 29.5% to land at 65.9. Overall, all May figures were readjusted compared to the preliminary report.

"The gap between economic growth and the current performance of the economy is likely to grow significantly when the disastrous 2nd quarter GDP is announced," the report noted.

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Breaking the News / ND