Consumer confidence edged higher in May, but Americans’ expectations for the future fell for a second month, the Conference Board, a private research group, said Tuesday, providing more evidence the recovery is likely to slow in the coming months.
Separately, consumer spending rose for a fifth straight month in April, the Commerce Department said. And the National Association of Realtors said existing home sales surged 7 percent during the month, beating economists’ forecasts.
The report showed consumers likely will keep supporting the economy until businesses begin investing and hiring again.