On Tuesday, US consumer confidence index climbed 4.9 points higher to touch 134.1 in May, the highest figure since November 2018. Despite high uncertainty in markets due to the ongoing US-China trade war, this figure beat expectations for 130.0, falling just 3.8 points short of the 18-year high touched in October 2018.
According to senior director of economic indicators at the Conference Board, Lynn Franco, “Consumers expect the economy to continue growing at a solid pace in the short-term, and despite weak retail sales in April, these high levels of confidence suggest no significant pullback in consumer spending in the months ahead.”
Consumers also remain upbeat about the jobs market, as the Conference Board survey’s labor market differential increased to 36.3% in May from 33.2% in April. This figure represents consumers’ view on labor market conditions, specifically, how easy or hard it is to find jobs.
Meanwhile, the US dollar index continues to trade just under the 98.00 level, touching 97.93 at the time of writing.