Consumer confidence ticks down in May, but remains strong

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SILVER SPRING, Md. (AP) — Consumer confidence ticked down slightly in May but remains nearly as high as its been since the pandemic began. The Conference Board reported Tuesday that  its consumer confidence index fell to 117.2 from April’s 117.5 reading. The present situation index, based on consumers assessment of current business and labor market conditions, rose to 144.3 from 131.9. Economists have said that rising confidence should bolster overall economic growth as consumers, who account for 70% of economic activity, spend more as lockdown restrictions are eased or abandoned altogether in many places.

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