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The Conference Board’s consumer confidence index fell further in May following a decrease in April. The index now stands at 64.9 (1985=100), down from 69.2 in in April.
“Consumers were less positive about current business and labor market conditions, and they were more pessimistic about the short-term outlook,” said Lynn Franco, director of The Conference Board consumer research center. “However, consumers were more upbeat about their income prospects, which should help sustain spending. Taken together, the retreat in the Present Situation Index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may be moderate."
According to the index’s survey, consumers claiming jobs are “plentiful” decreased to 7.9 percent in May from 8.4 percent in April. The percentage of consumers saying jobs are “hard to get” rose to 41.0 percent in May from 37.5 percent in April.