• Reuters reports that "US consumer confidence eased modestly in May as persistently high inflation and rising interest rates force Americans to become more cautious about buying big ticket items, including motor vehicles and houses, which could curtail economic growth … The Conference Board's consumer confidence index slipped to a reading of 106.4 this month. Data for April was revised higher to show the index at 108.6 instead of the previously reported reading of 107.3. The index remains above its pandemic lows.
"It has fared much better than the University of Michigan's survey, where the consumer sentiment index is at an 11-year low. The Conference Board survey puts more emphasis on the labor market.
"The survey's so-called labor market differential, derived from data on respondents' views on whether jobs are plentiful or hard to get, fell to 39.3 this month from a reading of 44.7 in April. That was the first time in a year that this measure, which correlates to the unemployment rate from the Labor Department, was below 40. About 12.5% of consumers viewed jobs as 'hard to get,' up from 10.1% in April. On face value it suggests that the jobless probably ticked up from a two-year low of 3.6% in April."
• The National Grocers Association (NGA) said yesterday that it has presented NGA’s Spirit of America Award to Ray Sprinkle, president and CEO of URM Foods, and Mike McShane, URM’s VP of procurement and profit centers.
The award is given "to individuals who provide leadership in the areas of community service and government relations and are committed to a free and independent food distribution system" and was presented at the Washington Food Industry Association’s Connect! Meeting in Tacoma, WA.