In May, consumer confidence rose to a 6-month high, showing that American sentiments toward the economy remain defined by optimism.
This new data suggests that American consumers do not expect to significantly reduce their spending in the months ahead. Thanks to a healthy and growing labor market, more Americans are employed, which helps facilitate higher levels of consumer spending and economic stimulus.
America’s economy was supercharged by the tax cuts passed in December 2017. Since then, we’ve seen a consistently positive growth trend, low unemployment, more jobs, and optimism in the economy. The new consumer confidence numbers from May are simply the latest proof that America’s economy is working as intended.