A little bit of good economic news came out yesterday. The Conference Board's widely followed consumer confidence index rose slightly in May, after rapid declines in both March and April.
The Conference Board survey’s present situation measure, based on consumers’ assessment of current business and labor market conditions, fell to a reading of 71.1 this month from 73.0 in April. 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.
The percentage of consumers expecting an increase in income dropped to 14.0 percent this month from 17.2 percent in April. But the proportion anticipating a drop fell even further, from 18.4 percent to 15.0 percent.
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