 The portion of the index addressing current conditions reflects optimism, while the outlook for the future is just a little bit pessimistic. This pattern has generally held since 2018, outside the months most affected by COVID. In inflation-adjusted terms, overall consumer spending increased plus 0.3% month-over-month in May. Year-over-year overall spending was plus 2.4% higher, and this is slightly stronger than the average annual growth rate over the past 12 months, which was around that plus 2.3%.