Of course this is John Snow’s fault.
Consumer confidence soured in May, as Americans fretted about jobs and the overall economy, a private research group said Tuesday.
The Conference Board said its consumer confidence index fell to 103.2, down from the revised 109.8 in April.
“Consumer confidence, which reached a four-year high in April, lost ground in May,” said Lynn Franco, director of the New York-based Conference Board Consumer Research Center. “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.”
The Expectations Index, which measures consumers’ outlook over the next six months, fell to 83.7 in May, from 92.3 in April. The Present Situation Index, which measures how shoppers feel now about the economic conditions, slipped to 132.5 from 136.2.
Tuesday’s report is disappointing for retailers, which have seen sales slow in May amid cooler temperatures. Economists closely monitor consumer confidence because consumer spending accounts for two thirds of all U.S. economic activity.