United States: Consumer confidence declines, reversing April?s modest rebound
May 31, 2011
Consumer sentiment eroded further amid renewed concerns about the feeble recovery in the labour market. In May, the Conference Board consumer confidence index dropped to 60.8 from a revised 66.0 in April, which represented the lowest level recorded so far this year. According to the Director of the Conference Board Consumer Research Centre, ?a more pessimistic outlook is the primary reason for this month's decline in consumer confidence. Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects. Inflation concerns, which had eased last month, have picked up once again. On the other hand, consumers' assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth.?