U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to dig out of the hole amid record unemployment.
FILE PHOTO: A shopper passes near a self-distancing queue outside Trader Joe's, as they limited the amount of shoppers allowed in the store to help prevent the spread of coronavirus disease , in Bailey's Crossroads, Virginia, U.S., March 31, 2020. REUTERS/Kevin Lamarque
“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,” said Lynn Franco, senior director of economic indicators at The Conference Board in Washington. But the expectations index based on consumers’ short-term outlook for income, business and labor market conditions climbed to 96.9 from a reading of 94.3 in April.
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