According to Bloomberg, consumer confidence fell to a four-month low in May amid concerns about few jobs for the remainder of this year. Consumer confidence drives economic recovery creating jobs along the way.
The share of Americans expecting fewer job opportunities in the next six months climbed to the highest level since November, raising the risk that consumers will limit spending--not a good pattern.
Even a 30-cent decline in gasoline prices, in all places except the West Coast since early April failed to brighten spirits, showing that more progress is needed in the job market.
The Conference Board’s index decreased to 64.9 this month from a revised 68.7 in April, figures from the New York-based private research group showed today. Home prices in 20 cities dropped in the 12 months ended in March at the slowest pace in more than a year, according to another report.
Bloomberg reports home prices in 20 U.S. cities fell 2.6 percent in the 12 months ended in March. It is the smallest decrease since December 2010, according to an S&P/Case-Shiller index of property values. Homebuilders are reporting their most-improved spring selling season in seven years, propelled in part by record-low mortgage rates.
Now if we can just get people back to work.