US Consumer Confidence Drops; Job Expectations Also Down

01 June 2006

    NEW YORK - Consumer confidence plunged in May, as Americans worried about the future of the economy and the outlook for jobs, according to The Conference Board's monthly index which fell almost seven points, to 103.2, from a revised reading of 109.8 in April.
    Nonetheless, the reading was better than the 100.9 expected by analysts.
    Says Conference Board research director Lynn Franco: "Consumer confidence, which reached a four-year high in April, lost ground in May. 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."