NEW YORK (
) -- Consumer confidence dropped in May after rising in April, as Americans were pessimistic about future job and income prospects as the economy slowed down.
The Conference Board's Consumer Confidence Index dropped to 60.8 from 66 in April. Economists had expected the index to climb further to 66.3, according to consensus estimates from
The Present Situation Index decreased to 39.3 from 40.2. The Expectations Index declined to 75.2 from 83.2 last month.
"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects," said Lynn Franco, director of The Conference Board Consumer Research Center. "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."
-- Written by Shanthi Bharatwaj in New York
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