DAVENPORT, Iowa — The consumer confidence index for May dropped to 117.2, according to Financial Advisor Mark Grywacheski.
"This was below Wall Street’s forecast of 119.5 and slightly below April’s level of 117.5," Grywacheski said Friday, May 28th.
This was the first monthly decline in the number in five months. The index has a benchmark of 100, so any number above that usually signals an optimism in the economy moving forward.
Is the drop concerning to investors though? Grywacheski got into that Monday, May 31st.
"It doesn't raise any red flags for me," he said Monday. "We're still well above that 100 level benchmark that conveys consumer optimism on the economy, jobs, and income."
Grywacheski says the consumer confidence index has generally matched the ebb and flow of the cases of the coronavirus. Your Money with Mark airs live on Monday mornings in-between 5 and 5:30 a.m.