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Joe Biden’s confidence in the economy is low.
Consumer confidence rose in May, but fears of an economic recession grew.
“The survey also revealed a possible resurgence of recession fears, as the likelihood of a U.S. recession over the next 12 months rose again in May, with more consumers considering a recession either ‘somewhat likely’ or ‘very likely’,” said Dana Peterson, chief economist at The Conference Board.
U.S. consumer confidence unexpectedly improved in May, snapping a three-month slump as consumers expressed a more positive view of the job market and became more optimistic about jobs, the economy and their incomes in the coming months.
At the same time, consumers’ financial situations have worsened, they expect inflation and interest rates to rise, and fears of an economic recession have grown.Tuesday’s data showed the Conference Board’s confidence index jumped to 102 from an upwardly revised 97.5 in April. Economists had expected a decline to 95.3.
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Despite the improvement, the expectations portion of the index has been in a range suggesting signs of a recession for four consecutive months.
“The survey also revealed a possible resurgence of recession fears, as the likelihood of a U.S. recession over the next 12 months rose again in May, with more consumers considering a recession either ‘somewhat likely’ or ‘very likely’,” said Dana Peterson, chief economist at The Conference Board.
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