CB: U.S. Consumer Confidence Edges Down in May


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. consumer confidence edged downward in May as 
intensified inflationary pressures from the Middle East conflict dragged down 
assessments of current economic conditions, the Conference Board said Tuesday 
(5/26).

   The Conference Board reported that its headline confidence index dipped 0.7 
points to 93.1 this month. The index for April was revised upwardly to 93.8 
from a prior 92.8, according to the report.

   "Consumer confidence edged downward in May as the inflationary impacts of 
the war in the Middle East intensified," Dana M. Peterson, chief economist at 
the Conference Board, said in a news release. "Consumer appraisals of current 
business conditions and the current labor market were moderately less positive 
compared to last month."

   The confidence index is a gauge of the household optimism that fuels roughly 
70% of the U.S. economy through personal spending and is closely watched by 
market analysts.

   Consumers' assessment of their current economic situation -- the present 
situation index -- retreated by 3.2 points to 121.2 in May. The expectations 
index, which gauges the short-term outlook, rose 1.0 point to 74.4, remaining 
below the 80-point threshold often associated with upcoming recession.

   The Conference Board added that write-in responses highlighted that price 
shocks and the ongoing conflict remained primary sources of economic stress. 
Peterson also noted that references to prices, oil, and gas increased in 
frequency for a second consecutive month, while mentions of war remained 
elevated.

   The U.S. Dollar Index retreated modestly within the 99.00 barrier, following 
the release of the Conference Board data.




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