From April’s After- Recession High, Consumer Confidence in California Drops in May
On Tuesday, data from Conference Board, a market research group revealed that in May, U. S. consumer confidence dropped rather unexpectedly. The highlights worries related to the economy's health. The report showed that the index of consumer confidence dropped to 92.6 in May from April's revised reading of 94.7 which was earlier reported to be 94.2. The reading for May also fell short of the analysts' expectations of 96.0.
The Present Situation Index decreased from 117.1 to 112.9, while the Expectations Index declined from 79.7 to 79.0 in May.
Director of The Conference Board Consumer Research Center Lynn Franco said, "Consumer confidence declined slightly in May, primarily due to consumers rating current conditions less favorably than in April. Expectations declined further, as consumers remain cautious about the outlook for business and labor market conditions. Thus, they continue to expect little change in economic activity in the months ahead."
In April, California topped the list of consumer confidence, but in May the state's Consumer Confidence Index dropped to103.0 from April's 111.8. However, it was still higher than one year ago at, 94.6 in May 2015.
The reading in April was California's post-recession high with a strong job market stays and steady growth in the real estate market showing recover after recession.
- Nikola Motors puts hydrogen fuel-cell semi truck Badger project on back burner
- BMW expands vehicle recall over battery issue to more than 4,500 U.S. plug-in hybrids
- Karma Automotive announces attractive price tag & unique features for upcoming GSe-6 electric sedan
- Twin River acquires iconic Bally’s brand from Caesars Entertainment for $20 million
- Wynn Resorts’ Encore to close for 3 days a week due to low demand