California Consumer Confidence Rises in May

The California Composite Index of Consumer Confidence increased to 82.7 in May, slightly higher than the February reading of 81.1, according to a survey conducted by the Anderson Center for Economic Research at Chapman University. May marked the third consecutive monthly increase. An index level lower than 100 reflects a higher percentage of pessimistic consumers compared with those who are optimistic. The survey was unchanged in consumer confidence at the national level during the same time period, according to a similar survey conducted by the University of Michigan.

The index measuring consumers’ spending plans declined nearly 18 points from May to February, while the indices measuring current economic conditions and future economic conditions both increased to readings of 66 and 105.1, respectively. The index measuring consumers’ planned spending on big-ticket items decreased to 71.4, the lowest reading since the first quarter of 2009.