Recession Fears Rose In May
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Belief in Joe Biden’s economy is low.
Despite a jump in consumer confidence in May, recession fears rose.
Dana Peterson, chief economist at The Conference Board said, “The survey also revealed a possible resurgence in recession concerns. The Perceived Likelihood of a US Recession over the Next 12 Months rose again in May, with more consumers believing recession is ‘somewhat likely’ or ‘very likely’.”
U.S. consumer confidence unexpectedly improved in May, breaking a three-month slump as consumers felt better about the job market and more optimistic about jobs, business conditions, and incomes in the months ahead.
At the same time, consumers felt worse about their household finances, expect more inflation and higher interest rates, and worries about a recession increased.The Conference Board’s confidence index surged to 102, up from an upwardly revised 97.5 in April, according to Tuesday’s data. Economists had forecast a decline to 95.3.
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Despite the improvement, the expectations portion of the index was in the range suggesting a looming recession for the fourth consecutive month.
“The survey also revealed a possible resurgence in recession concerns. The Perceived Likelihood of a US Recession over the Next 12 Months rose again in May, with more consumers believing recession is ‘somewhat likely’ or ‘very likely,’” said Dana Peterson, chief economist at The Conference Board.
