Economy
June 1, 2017
Consumer Confidence in May 2017
Written by Peter Wright
The source of this data is the Conference Board with analysis by Steel Market Update. Please see the end of this piece for an explanation of the indicator and for the official news release.
Consumer Confidence decreased 1.5 points in May, falling to 117.9 but the last four months have each been better than at any time since 2001. The three month moving average (3MMA) increased for the 12th consecutive month to a value of 120.7 in May. Consumers are feeling better about the current economic environment and their prospects for the coming months. Confidence is up 26.3 points from a year earlier. The low point for consumer confidence last year was May with a value of 92.4. Consumer confidence is the driver of consumer spending which is the largest component of GDP and which ultimately drives a large portion of steel consumption.
