Consumer Confidence Index (CCI) for May 2020

The Consumer Confidence Index® (CCI) for this month (May 2020) was released by The Conference Board® this morning:

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Predicted: 88.3

• Actual: 86.6

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Previous Month (revised): 85.7
 

• Change from Previous Month: +1.05% (+0.9 point)
  

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The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From Today's Report:

"...'Following two months of rapid decline, the free-fall in Confidence stopped in May,' says Lynn Franco, Senior Director of Economic Indicators at The Conference Board. 'The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.'..."

Every month, The Conference Board sends a questionnaire to 5,000 U.S. households. Survey participants are polled about their feelings regarding the U.S. economy, current and future, and about their own fiscal circumstances. On average, 3,500 participants complete and return the 5-question survey.

• The baseline "100" score for the CCI is associated with 1985 survey data.

When consumers feel good about the economy, they tend to do more spending, and vice versa.

Based in New York City, The Conference Board is a private, not-for-profit organization with a mission to, "create and disseminate knowledge about management and the marketplace to help businesses strengthen their performance and better serve society."

The CCI is usually released on the last Tuesday of the month.

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• Click here to view the full Conference Board report.
    

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