Consumer confidence declined in May, according to the Thomson Reuters/University of Michigan Surveys of Consumers.
U-M economist Richard Curtin, director of the surveys, says the decrease was not due to the gloomy state of the economy during the 1st quarter-which had the weakest pace of growth in Gross Domestic Product in three years-but rather, because consumers primarily blamed the harsh winter.
Curtin says a much greater impact on consumer sentiment would result if the economy does not post a strong rebound in the coming months, but the economy is expected to be strong enough to produce more jobs in the year ahead.
According to Curtin, the small May loss should not detract from the fact that consumer confidence during the first five months of 2014 was higher than anytime since 2007.
The Consumer Sentiment Index was 81.9 in the May survey, down from 84.1 in April, and 84.5 in last May's survey.
The May decline still left the Index comparable to the average level during the prior four months of 81.7.
The largest May declines were recorded in the Current Conditions Index of 94.5, down from April's 98.7 compared with a decline in the Index of Consumer Expectations of 73.7, down from 74.7.