The Consumer Confidence Index was 93.1 in May, down from 93.8 the previous month, the Conference Board said. The present situation index — based on consumers’ assessment of current business and labor market conditions — decreased by 3.2 points to 121.2. The expectations index — based on consumers’ short-term outlook for income, business and labor market conditions — rose by one point to 74.4.
“Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified,” said Dana Peterson, chief economist for the Conference Board. “Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month. This was somewhat offset by modest improvements in consumers’ expectations for business conditions and the labor market six months from now. Meanwhile, income expectations eased in May, as those anticipating less income rose.”
