Consumer Confidence Data

Consumer confidence declined in May, according to the Thomson Reuters/University of Michigan Surveys of Consumers. U of M economist Richard Curtin, director of the surveys, says the decrease was not due to the gloomy state of the economy during the 1st quarter, which had the weakest pace of growth in Gross Domestic Product in three years, but rather, because consumers primarily blamed the harsh winter. Curtin says a much greater impact on consumer sentiment would result if the economy does not post a strong rebound in the coming months, but the economy is expected to be strong enough to produce more jobs in the year ahead. According to Curtin, the small May loss should not detract from the fact that consumer confidence during the first five months of 2014 was higher than anytime since 2007.