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May consumer confidence increases, improving on past gains
By Peggy Stillwell on May 28th, 2010
The most recent report from the Conference Board showed that consumers are feeling more confident regarding the economy and their personal financial situations.
In May, the firm's Consumer Confidence Index increased to 63.3 after April's 57.7 That marked the third successive month that consumers reported feeling better about the economy.
Lynn Franco, director of the Conference Board Consumer Research Center, said that along with improved feelings on the status of businesses and unemployment, people in the country have felt an increase in their expectations.
"The improvement has been fueled primarily by growing optimism about business and labor market conditions," Franco said. "Income expectations, however, remain downbeat."
Of those surveyed, 20.4 percent said they expect more jobs to be available over the next few months, an improvement on the 17.7 percent who said the same in April.
Still, unemployment increased to 9.9 percent during the fourth month of the year, which means some consumers may concentrate further on reducing the amount they owe. One option in doing so is a debt management plan, which could lead to an easier way to pay bills.
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