The Conference Board Consumer Confidence Index fell to 92.6 in May, down 2.1 points from the previous month.
The Present Situation Index fell 4.2 points to 112.9, while the Expectations Index fell 0.7 points to 79.0.
“Consumer confidence declined slightly in May, primarily due to consumers rating current conditions less favorably than in April,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Expectations declined further, as consumers remain cautious about the outlook for business and labor market conditions. Thus, they continue to expect little change in economic activity in the months ahead.”
The labor market outlook was less favorable in May, as the share of consumers expecting more jobs in the coming months was unchanged at 12.8%, while those anticipating fewer jobs increased 1.4% to 18.1%. Income expectations improved some, as 16.2% of consumers expected their incomes to increase within the coming months, up from 15.8% in April. The proportion expecting a reduction in income was unchanged at 12.4%.
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