The Consumer Confidence measure declined by 0.7% in May, following a period of public claims that consumer sentiment data was politically biased. Kevin Hassett responded to low Consumer Sentiment index readings by alleging the University of Michigan survey was rigged and recommending the Conference Board’s Consumer Confidence Index instead. The Conference Board prepared a release reporting the decline, attributing it to intensified inflationary effects tied to instability in the Middle East. Coverage also emphasized a perceived disconnect between Wall Street gains and how many Americans feel about rising prices and everyday costs. More than 75% of Americans reported the economy was in bad shape while consumers stretched paychecks.
"What they have done is they have somehow devised a political survey that tells us how Democrats are feeling about things. If you want to look at how people are thinking, you should go to the conference board consumer confidence. The consumer confidence measure is actually the most reliable thing and right now it's the highest it's been in a year."
"On Tuesday morning's edition of Fox Business Network's Mornings With Maria, anchor Maria Bartiromo pressed Hassett on record low numbers on the Consumer Sentiment index, and Hassett responded by suggesting the University of Michigan survey is rigged, and promoting the Conference Board's Consumer Confidence Index as the more reliable."
"On Tuesday, the Conference Board was preparing to break bad news with a 10 a.m. press release announcing that Consumer Confidence fell .7 percent in May, which the group's chief economist, Dana Peterson, chalked up to the intensification of the inflationary impacts of the war in the Middle East."
"A new consumer confidence report today says U.S. Consumer sentiment is lower in May than it was last month. Experts point to consumers' concerns about rising costs of prices and everyday goods across the board due to instability in the Middle East. The report comes at a time when more than 75 percent of Americans say the economy's in bad shape."
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