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U.S. Consumer Confidence Falls to Eight-Month Low
Americans are less upbeat about economic conditions now than they have been since last August, according to the New York City-based Conference Board.
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Americans are less upbeat about economic conditions now than they have been since last August, according to the New York City-based Conference Board.
The research group's Consumer Confidence Index slid to 64.9 in May from a downwardly revised 68.7 in April. Gauges of current and future economic conditions also dropped this month. The board notes that the current level of its main index is well above the record low of 25.3 set in February 2009.
The research group cites employment worries. The number of consumers who expect there will be fewer jobs over the next six months rose to 21% the highest level since November from 18.4% in April. The group says its survey indicates that economic growth will moderate in coming months.
The Conference Board reading contrasts with the University of Michigan's sentiment report, which last week said consumers are the most confident about the U.S. economy they have been since October 2007.
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