(The Conference Board) The index of consumer confidence was recorded at 106.4 in May, falling slightly from 108.6 in April.
Consumers accessed the current business and labor market conditions less favorably, as the index fell to 149.6 in May from 152.9 in April. The Expectations Index also went lower, from 79.0 to 77.5.
Conference Board’s Senior Director of Economic Indicators Lynn Franco says the decline in consumer confidence and the present situation index reflected a softer labor market. He pointed out that the current business conditions still improved.
Inflation also weighed down on consumer confidence, although price expectations in May were relatively unchanged from April’s elevated levels.
Franco expects the rising interest rates and surging prices to continue weighing down on consumer purchasing. The projection comes amid a declining number of consumers with vacation plans and purchasing intentions for homes, cars, and major appliances.
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