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Economic Sentiment Jumps in May to Reach Near-Record Levels, Reports CTA

Arlington, VA – May 24, 2016 – 

Consumer confidence toward the overall economy set a near-record in May, reaching one of the highest levels since the Consumer Technology Association (CTA)™ began tracking economic sentiment in 2007. Conversely,  consumer confidence toward tech spending declined over the last month.
 
Overall Economy
The CTA Index of Consumer Expectations (ICE), which measures consumer sentiment about the U.S. economy as a whole, increased six points in May to reach 180.
 
“The labor market continues to improve, and consumers are feeling very optimistic about their job prospects,” said Shawn DuBravac, Ph.D., chief economist, Consumer Technology Association. “The jump in sentiment toward the economy was aided by improving equity markets, which have recovered from a dismal start earlier this year. There was also renewed strength in the housing sector this month, suggesting that part of the economy is stabilizing despite recessionary risks that remain.”
 
Technology Spending
The CTA Index of Consumer Technology Expectations (ICTE), which measures consumer expectations about technology spending, dropped 9.6 points to 77.5 in May, the lowest level since 2013.
 
“Consumer sentiment toward technology spending declined significantly in May,” said DuBravac. “The first quarter saw steady growth in consumer confidence toward technology spending, but this month we saw a pullback from those higher levels.”
 
The CTA Indexes are updated on a monthly basis through consumer surveys. New data is released on the fourth Tuesday of each month. Find current and past indexes, charts, methodology and future release dates on the CTA Indexes page.

About the Consumer Technology Assocation

Consumer Technology Association (CTA) ™ is the trade association representing the $287 billion U.S. consumer technology industry. More than 2,200 companies - 80 percent are small businesses and startups; others are among the world's best known brands - enjoy the benefits of CTA membership including policy advocacy, market research, technical education, industry promotion, standards development and the fostering of business and strategic relationships. The Consumer Technology Association also owns and produces CES® - the world's gathering place for all who thrive on the business of consumer technologies. Profits from CES are reinvested into CTA's industry services.

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