Consumer Confidence Rises
The Conference Board reported that consumer confidence rose to 83.8 in May from 81.0 in April. The rise was in line with market expectations, but the distribution was odd, with current conditions falling 7.3 to 67.9, while expectations rose 9.6 to 94.4. The current conditions decline largely reflects the continued weakness in the labor market, where hiring is scarce and layoffs are still too prevalent.
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