Consumer Confidence drops in May

Consumers' overall assessment of current conditions eased but remains favorable. Consumers claiming conditions are "good" declined to 28.0 percent from 29.7 percent. Those claiming conditions are "bad" edged up to 15.4 percent from 15.1 percent. Labor market conditions were also less favorable. Those saying jobs are "plentiful" decreased to 28.6 percent from 29.4 percent, while those claiming jobs are "hard to get" increased to 20.5 percent from 19.7 percent.

"Consumer confidence, which reached a four-year high in April, lost ground in May," says Lynn Franco, Director of The Conference Board Consumer Research Center. "Apprehension about the short-term outlook for the economy, the labor market and consumers' earning potential has driven the Expectations Index down to levels not seen since the aftermath of the hurricanes last summer. In sharp contrast, consumers continue to rate current conditions favorably, although the Present Situation Index also lost ground this month."
Consumer Confidence Data Released at 9am