Consumer Sentiment Edged Up In May
May 29 2020 - 11:08AM
Dow Jones News
By Gwynn Guilford
Americans' views of the economy improved in May, as the
coronavirus pandemic continued to rattle consumers, according to a
University of Michigan survey released Friday.
The survey's index of consumer sentiment climbed to 72.3 in the
five weeks ending May 26, from 71.8 for the previous four weeks.
Economists surveyed by The Wall Street Journal had expected a
reading of 74.0.
The index's upturn reflected an improvement in household
finances and attitudes toward buying as consumers adapted to the
pandemic, said Richard Curtin, the survey's chief economist.
"The CARES relief checks and higher unemployment payments have
helped to stem economic hardship, but those programs have not acted
to stimulate discretionary spending due to uncertainty about the
future course of the pandemic" he said, referring to the federal
rescue package passed in late March.
The expectations index fell to 65.9, from 70.1 in April. The
index of current conditions rose to 82.3, from 74.3 a month
ago.
The survey was conducted between April 22 and May 26. During
that time, the tally of newly reported coronavirus cases and deaths
began drifting downward, and most states started lifting some
restrictions on businesses. Americans filed around 17 million
applications for unemployment insurance benefits over those five
weeks.
Write to Gwynn Guilford at gwynn.guilford@wsj.com
(END) Dow Jones Newswires
May 29, 2020 10:53 ET (14:53 GMT)
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