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May 28, 2002: U.S. Consumer Confidence Inches Up in May

May 28, 2002
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WASHINGTON, DC — The Conference Board announced on Tuesday that its U.S. Consumer Confidence Index had edged higher in May. The May index rose to 109.8, slightly up from April’s 108.5.

The Expectations Index, however, declined from 109.6 to 109.4.

In an interview with CBS MarketWatch, Lynn Franco, director of the Conference Board’s consumer research group, noted, “Consumers’ upbeat mood about current business and labor conditions underscore’s the economy’s continuing recovery, but the latest retreat in expectations suggest that the pace of economic growth will not accelerate in the months ahead.”

Consumer’s plans for major purchases such as homes, cars, and major appliances softened slightly in May.

Publication date: 05/27/2002

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