The Conference Board US Consumer Confidence Index, which had improved considerably in April, posted another large gain in May. The Index now stands at 54.9 (1985=100), up from 40.8 in April. The Present Situation Index increased to 28.9 from 25.5 last month. The Expectations Index rose to 72.3 from 51.0 in April.

For the first quarter of 2009, the S&P/Case-Shiller US National Home Price Index posted a 19.1% drop from a year earlier, the biggest quarterly decline for the reading’s 21-year history. Nationally, home prices are at levels similar to the fourth quarter of 2002. Phoenix is down 36.0%, Las Vegas drops 31.2% and San Francisco fell 30.1%.

Vhi Healthcare, the Irish State health insurer, today reported an after tax loss of €65 million in the 10  month period ended the 31st December 2008, compared with a surplus of €62.8 million for the year ending February 2008. Claims paid in the period under review were €981 million, an increase of 17% on the previous year. The rise was due to a significant increase in the number of medical procedures being paid for on behalf of our customers.

European industrial orders dropped for an eighth month in March as the demand slumped amidst the severe recession.

Markets news on stocks, currencies and commodities.

Markets news on stocks, currencies and commodities.

German consumer sentiment remained virtually stable in May, according to a survey report today. While economic expectations were slightly up for the second time in a row, the prospects for income were down somewhat. Consumer propensity to buy remained virtually unchanged at a good level. The overall indicator is forecasting a value of 2.5 points for June, following a value of 2.5 points for May and with this, the consumer climate has remained stable since March, according to the monthly GfK consumer climate, which is based on around 2,000 consumer interviews conducted on behalf of the European Commission. Meanwhile, the statistics office Destatis, said today that the German economy contracted 3.8% from the previous three months, confirming an initial estimate from May 15th. Gfk said consumer sentiment has yet to face a real test when confronted by the anticipated rise in unemployment. 

Food and property group Greencore today reported a pre-tax loss of €27m for the six months to March 27, 2009 compared to a pre-tax profit of €24m the same time last year. Revenue fell from €649m to €550m in what the company called a “challenging trading environment.”

Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

The Irish Financial Regulator’s failure to control property bubble contributed to the economic crash and consumer wealth losses, according to a new report.