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The Conference Board's Consumer Confidence Index (CCI) rebounded during May, posting a 5.1% increase following declines in six of the previous seven months.
Consumers' assessment of both ongoing economic conditions and expectations for the near-term future improved during May from the month before. The "Present Situation" sub-index increased a modest 1.7% over the month, while "Expectations" (defined as six months into the future) rose a very encouraging 9.7% between April and May.
With a May 2001 reading of 115.5 on the Conference Board's scale where average confidence during the year 1985 is equal to an index level of 100, the composite CCI was still a steep 20.2% lower than during the same month in 2000.
The CCI's for six of the nation's nine geographic regions registered improvement between April and May. Particularly sharp increases were recorded in the New England (+18.8%) and Rocky Mountain (+13.2%), regions. Small declines in confidence in the West North Central (-2.1%) and East South Central (-1.6%) states were less worrisome for the long-term than the steep 10.2% drop recorded in the East South Central (Kentucky, Tennessee, Alabama, and Mississippi) region.
The percentage of consumers surveyed nationwide by the Conference Board indicating that they planned to buy a home (either new or existing) was unchanged between April and May, at 3.6%. During April 2000, prospective home buyers were 3.8% of the consumer population, and the number had reached a cyclical high of 4.2% this March.
An estimated 30.2% of consumers plan to purchase one or more major appliances over the next six months, the highest level since last August. And 9.5% of consumers during May indicated that they planned to buy a new or used motor vehicle over the coming six months, the strongest reading recorded in a year.
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