Six-Week Low in U.S. Consumer Comfort Shows Optimism Is EasingBy
An easing of Americans’ sunny economic views indicates consumers may need some better news for confidence to sustain its post-election pickup, Bloomberg Consumer Comfort Index figures showed Thursday.
|Highlights of Bloomberg Consumer Comfort (week ended May 7)|
While consumer comfort remains near a 15-year high, Americans were a bit rattled about the prospects for the U.S. economy in the latest week, amid a recent report that first-quarter growth was the weakest in three years. The widespread easing in the comfort gauge across demographic groups could also be a sign that consumers are less optimistic that the Trump administration and Congress will enact policies to boost growth. Still, the index is on a healthy run, remaining above 49 for 11 straight weeks -- the longest such streak since September 2001.
- Americans with incomes between $40,000 and $100,000 registered declines in comfort
- Consumers in all four regions were more pessimistic, with comfort in the South dropping to the lowest since mid-February
- Republicans and Democrats both showed weaker comfort; reading of independents at lowest in 11 weeks
- Year-to-date average for overall index remains on pace for best annual performance since 2001