CONSUMER CONFIDENCE UP SLIGHTLY BUT REMAINS NEAR 6-YEAR LOW

U.S. consumer confidence inched up this month, showing signs of stabilizing, but remained near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession.

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The Conference Board said that its confidence index ticked up to a reading of 86.6 in May from 85.7 in April. The index, which reflects consumers’ assessments of present conditions and expectations about the future, had plummeted in the previous two months. The index had reached 130.7 in February before tumbling about 12 points in March and by more than 20 in April.

The coronavirus pandemic has forced businesses across the country to close, stifling consumer spending, which drives about 70% of all economic activity in the the United States. Optimism about the economy in general has improved slightly as states have gradually lifted shelter-in-place orders and many categories of businesses have been allowed to reopen under certain restrictions.