The Conference Board reported an “unexpected” increase in consumer confidence in May. Data released on Tuesday showed an improvement, with the consumer confidence index, rose from 85.7 in April to 86.6 points in May.
The improvement in consumer confidence stems from the gradual re-opening of the U.S. economy, with all 50 states opening their economies to some extent — including some restaurants, beaches, and retail.
Lynn Franco, The Conference Board senior director of economic indicators said via CNBC:
“Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumer’s spirits.”
Franco, however, reiterated some caveats. He adds, “While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave [is] likely to keep a cloud of uncertainty hanging over consumers’ heads.”