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US Consumer Confidence declined by most since 2012

Friday, May 29 2015
The University of Michigan final index of sentiment for the month decreased to 90.7 from 95.9 in April, however this was above prelim reading and expectations on decrease to 90.0. On the other hand, it marked the biggest decline since the end of 2012. “Although the loss in confidence narrowed in late May, the decline for the month as a whole was still substantial as consumers have adopted more modest prospects for a rebound following the economy’s dismal first-quarter performance,” Richard Curtin, director of the Michigan Survey of Consumers, said in a statement. 
 
Earlier today, Chicago PMI figures showing decline to 46.2 points, missing forecasts on incline to 53.1. “Although the loss in confidence narrowed in late May, the decline for the month as a whole was still substantial as consumers have adopted more modest prospects for a rebound following the economy’s dismal first-quarter performance,” Richard Curtin, director of the Michigan Survey of Consumers, said in a statement.
 
USD still remains under pressure.Euro is currently being traded above 1.0990 level, Sterling is around 1.53 handle, while Aussie is slightly above 0.7650 area.
More in this category: « US GDP fell by 0.7% in Q1 USD - Major events in the week ahead »

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