NEW YORK — Economic worries and job concerns, in addition to higher gasoline prices, sent the Consumer Confidence Index down sharply in May and caused consumers’ outlook to turn grimmer.
The Conference Board Consumer Confidence Index, which rose in April, declined in May to 103.2 from an adjusted 109.8 in April. The two components of the Index also fell in May. The Present Situation Index declined to 132.5 from 136.2, while the Expectations Index registered a steep drop to 83.7 from 92.3.
“Apprehension about the short-term outlook for the economy, the labor market and consumers’ earning potential has driven the Expectations Index down to levels not seen since the aftermath of the hurricanes last summer,” said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement.
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