After declining in April, consumer confidence ticked up slightly in May, The Conference Board reported.
The Index now stands at 95.4, up from 94.3 in April.
Consumers are feeling better about present conditions, with the Present Situation Index increasing from 105.1 in April to 108.1 this month. The Expectations Index, which measures future expectations, declined slightly from 87.1 to 86.9.
“Consumer confidence improved modestly in May, after declining sharply in April,” said Lynn Franco, director of economic indicators at The Conference Board. “After a three-month slide, the Present Situation Index increased, propelled by a more positive assessment of the labor market. Expectations, however, were relatively flat following a steep decline in April. While current conditions in the second quarter appear to be improving, consumers still remain cautious about the short-term outlook.”