Consumer Confidence Dropped in May
The Conference Board's monthly measurement of consumer confidence dropped to 60.8 from April's figure of 66.0.
“A more pessimistic outlook is the primary reason for this month’s decline in consumer confidence," the Conference Board's Lynn Franco said as part of the announcement.
"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects. Inflation concerns, which had eased last month, have picked up once again.