Consumers this month turned slightly more upbeat after taking a dimmer view of the economy in April.
The Conference Board, a private research group, on Tuesday said its index of consumer confidence increased to 95.4 from a revised 94.3 in April, first reported as 95.2. The May and April indexes are far below the 101.4 reported in March.
Economists surveyed by The Wall Street Journal had forecast the latest index to be little changed at 95.0.
The present-situation index, a gauge of consumers’ assessment of current economic conditions, rose to 108.1 in May from a revised 105.1 in April. Consumer expectations for economic activity over the next six months fell to 86.9 from a revised 87.1.
Consumers in May have mixed feelings about the current labor situation.
The survey found 20.7 percent of consumers this month think jobs are “plentiful” compared with 19 percent who thought that in April.
The share of respondents anticipating more jobs in the next six months rose to 14.6 percent in May from 13.8 percent in April.
The outlook for incomes is less upbeat. About 17.4 percent of households think their incomes will increase in the next six months, unchanged from April.
But 11.1 percent expect earnings to decline, up from 10.8 percent thinking that in April and the highest reading since October.
