May Consumer Confidence Ebbs

The Conference Board announced Consumer Confidence decreased in May 2011 to 60.8, down from 66.0 in April 2011. Analysts noted consumers were considerably more apprehensive about future business and labor market conditions as well as their income prospects. Inflation concerns, which eased last month, picked up once again. However, consumers’ assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth.