U.S. consumer confidence declines in May

15:53, June 01, 2011      

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The U.S. consumers' confidence dropped after posting a slight gain in May, suggesting no significant pickup of the economic growth pace in the near term, a leading trade organization reported on Tuesday.

The Consumer Confidence Index trimmed in May to 60.8 from a revised 66.0 in April this year, as U.S. consumers' short-term outlook became cautious, according to the report released by the Conference Board.

Economists watch this report closely, as consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a robust economic revival.

"A more pessimistic outlook is the primary reason for this month's decline in consumer confidence," said Lynn Franco, director of the Conference Board Consumer Research Center.

Consumers are 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, Franco added.

The monthly survey is based on a representative sample of 5,000 U.S. households. It takes a reading of 90 to indicate a healthy economy.

Source: Xinhua
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