Updated:
Original:

Consumer confidence down in May

Consumer confidence dropped in May, according to a report this morning from The Conference Board.

The index stands at 60.8, down from 66 in April. The Present Situation Index decreased to 39.3 from 40.2. The Expectations Index declined to 75.2 from 83.2 last month.

“A more pessimistic outlook is the primary reason for this month’s decline in consumer confidence. Consumers are considerably more apprehensive about future business and labor market conditions, as well as their income prospects. Inflation concerns, which had eased last month, have picked up once again,” said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.

“On the other hand, consumers’ assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth,” Franco added.

Those who said business conditions are “good” decreased to 14.6 percent from 15.5 percent, and those who said business conditions are “bad” increased to 37.1 percent from 35.9 percent. Consumers’ appraisal of the labor market was also less favorable than it was last month. Those who said jobs are “hard to get” increased to 43.9 percent from 42.4 percent, and those who said jobs are “plentiful” increased to 5.6 percent from 5.1 percent.

Consumers’ short-term outlook, which had improved marginally in April, turned pessimistic in May. The proportion of consumers who expect business conditions to improve during the next six months declined to 17 percent from 19.2 percent. Those who anticipate that business conditions will worsen increased to 15.5 percent from 14 percent.

Related

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.