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Consumer Confidence Tanks With Jobs Expectations

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By Jon C. Ogg Updated Published
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The Conference Board has just released its Consumer Confidence reading for the month of May, showing that the decline seen in April was even a larger decline in May.  The index came in at 64.9 versus 68.7 in April and versus 69.7% expected by Bloomberg.  While it seems odd that the consensus would have increased considering the slowdown and the drop in the markets, the range of the Bloomberg surveys was 67.5 to 72.0.  Perhaps one of the issues that skewed the estimates was that the cutoff date for the preliminary results was May 16 and that was two weeks ago.

Both components showed a drop as well: The Expectations Index declined to 77.6 from 80.4, while the Present Situation Index decreased to 45.9 from 51.2 last month.

Those claiming business conditions are “bad” rose to 34.3% from 33.2%, while those saying business conditions are “good” fell to 13.6% from 15.5%.

The job market was also deemed as being less favorable as those claiming jobs are “hard to get” increased to 41.0% from 38.1%, while those stating jobs are “plentiful” decreased to 7.9% from 8.4%.  That may not influence the expected unemployment and non-farm payrolls data due this coming Friday.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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