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Consumers more upbeat on labor market in May

May 28, 2019

Consumers had a more favorable view of the labor market in May when compared to April, according to The Conference Board’s Consumer Confidence Index. Overall, the index rose to a reading of 134.1 in May (1985=100) from a reading of 129.2 in April.

The index’s survey found that 47.2% of consumers believed that jobs were “plentiful” in May, up from 46.5% who said the same in April.

On other hand, the percentage of consumers saying jobs were “hard to get” fell in May to 10.9% from April’s 13.3%.

Looking forward, 19.2% of consumers surveyed in May expected more jobs ahead. That is an improvement from the 16.7% who said the same in April. Meanwhile, the percentage expecting fewer jobs ahead fell to 12.5% in May from 13.2% in April.

“Consumer Confidence posted another gain in May and is now back to levels seen last Fall when the index was hovering near 18-year highs,” said Lynn Franco, senior director of economic indicators at The Conference Board.

Consumers expect the economy to continue to grow at a solid pace in the short-term despite weak retail sales, Franco said.

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