May Consumer Confidence Falls

The Conference Board announced Consumer Confidence declined in May 2011 to 60.8, down from 66.0 in April 2011. The Board noted 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.