WASHINGTON – “I think the biggest threat will come from another potential closing of the economy,” said Rubeela Farooqi, chief U.S.
economist for High Frequency Economics. “I can see confidence levels plummet if we see another lengthy shutdown that results in more permanent job losses.
I cannot be sure of the magnitude, but confidence could easily drop if job and income prospects deteriorate further.”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.
The Conference Board said Tuesday that its confidence index ticked up to a reading of 86.6 in May from 85.7 in April. The index, which reflects