U.S. consumer confidence hovered at a 14-month high in May as optimism over jobs tempered concerns about rising inflation and diminishing government financial support.
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U.S. consumer confidence holds steady, soaring prices slowing housing momentum
By Lucia Mutikani
Reuters
WASHINGTON (Reuters) - U.S. consumer confidence hovered at a 14-month high in May as optimism over jobs tempered concerns about rising inflation and diminishing government financial support.
Though the survey from the Conference Board on Tuesday suggested the pace of economic growth remained robust in the second quarter, the recovery from the COVID-19 pandemic recession, which started in February 2020, is bumpy.
The housing market, one of the star performers, is showing signs of fatigue, with new single-family homes sales dropping in April amid a dearth of properties, which is boosting prices at the fastest pace in more than 15 years.
6 Min Read
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits dropped further below 500,000 last week, but jobless rolls swelled in early May, which could temper expectations for an acceleration in employment growth this month.
FILE PHOTO: People line up outside a newly reopened career center for in-person appointments in Louisville, U.S., April 15, 2021. REUTERS/Amira Karaoud/File Photo
Indeed, other data on Thursday showed a measure of factory employment in the mid-Atlantic region fell in May. But businesses in the region that covers eastern Pennsylvania, southern New Jersey and Delaware increased employees’ work hours, suggesting problems finding workers. Labor and raw material shortages were likely behind the significant slowdown in the pace of growth in output at the region’s factories this month.
2 Min Read
(Reuters) - Factory activity in the U.S. mid-Atlantic region slowed down in May after hitting its highest pace in nearly half a century earlier this spring, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index fell to 31.5 from 50.2 in April. That was shy of economists’ expectations for a reading of 43.0, according to a Reuters poll.
Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management, next due out June 1.