Thank You President Trump. Consumer confidence rises in May after historic fall and economy reopens. As we see more states opening up, we will continue to see those numbers rise. The business group’s consumer confidence index rose to 86.6 this month from 85.7 in April. Economists polled by Dow Jones expected consumer confidence of 82.3 in May. We have this from CNBC.
“Following two months of rapid decline, the free-fall in Confidence stopped in May,” Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement. “Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits.”
All 50 states have begun phased reopenings of their economies after nearly all closed nonessential businesses in March to curtail the spread of the virus. The abrupt shutdowns triggered the worst recession in modern history, hopefully we learned a lesson and won't panic if the virus returns again.
Source: CNBC
