Americans grew much gloomier about the economy in May, causing a
critical measure of consumer confidence to suffer its biggest decline in
eight months and ending a period of steady optimism.
Worries about jobs, housing and the stock market rattled consumers,
even though gas prices are falling. The latest figures suggest Americans
will need to see more encouraging economic signs before their concerns
start to dissipate.
The Conference Board, a private research group, reported Tuesday that
its Consumer Confidence Index fell to 64.9, down from a revised 68.7 in
April. Analysts had expected the index to climb to 70.
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