US consumer confidence slips in May

(Sharecast News) - US consumer confidence slipped slightly in May, according to the Conference Board, with the headline index edging down to 93.1 from an upwardly revised 93.8 in April.

The Conference Board said the present situation index, which tracks consumers' assessment of current business and labour‑market conditions, fell more sharply to 121.2, down 3.2 points on the month.

By contrast, the expectations index, which reflects the short‑term outlook for income, business and employment, ticked up 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, 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."

Reporting by Iain Gilbert at Sharecast.com