U.S. consumer confidence edges up in May

Via Reuters Finance

FILE PHOTO: A shopper passes near a self-distancing queue outside Trader Joe’s, as they limited the amount of shoppers allowed in the store to help prevent the spread of coronavirus disease (COVID-19), in Bailey’s Crossroads, Virginia, U.S., March 31, 2020. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) – U.S. consumer confidence nudged up in May, suggesting the worst of the novel coronavirus-driven economic slump was probably in the past as the country starts to reopen, but it would probably take a while to fully dig out of the hole amid record unemployment.

The Conference Board said on Tuesday its consumer confidence index edged up to a reading of 86.6 this month from a downwardly revised 85.7 in April. Economists polled by Reuters had forecast the index rising to 87.5 in May from the previously reported reading of 86.9 in April.

Reporting by Lucia Mutikani, Editing by Franklin Paul

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