The Conference Board announced on Tuesday its U.S. consumer confidence rose 0.9 points to 86.6 in May from 85.7 in April.

Economists had expected consumer confidence to come in at 88.0.

April’s consumer confidence reading was revised down from originally estimated 86.9.

The survey, however, showed that the expectations index increased from 94.3 last month to 96.9 this month. Meanwhile, the present situation index fell from 73.0 in April to 71.1.

Following two months of rapid decline, the free-fall in Confidence stopped in May,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “The severe and widespread impact of COVID-19 has been mostly reflected in the Present Situation Index, which has plummeted nearly 100 points since the onset of the pandemic. Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits. However, consumers remain concerned about their financial prospects. In addition, inflation expectations continue to climb, which could lead to a sense of diminished purchasing power and curtail spending. While the decline in confidence appears to have stopped for the moment, the uneven path to recovery and potential second wave are likely to keep a cloud of uncertainty hanging over consumers’ heads.”