The U.S. consumer confidence weakened slightly in May as Americans grew more concerned about rising prices and the economic impact of the Iran conflict, according to a survey released Tuesday.
Reuters reported that the Conference Board’s consumer confidence index slipped 0.7 points to 93.1 this month, down from a revised 93.8 in April. Economists had expected a larger decline to 92.0.
US consumer sentiment has plunged to a record low, cost of living is a top concern and 57% of consumers cite high prices as the cause of erosion of their personal finances. Hear why that matters for markets on the Reuters Morning Bid podcast https://t.co/d5miKFt7o1 pic.twitter.com/jAs6iUIKm2
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Dana Peterson, chief economist at the Conference Board, said worries about inflation tied to the Middle East conflict weighed on sentiment. The report said mentions of oil, gas prices, war and geopolitical tensions increased for a second straight month in the survey.
Despite the decline, perceptions of the labor market improved, helping prevent a sharper drop in overall confidence.
The findings reflect growing concerns among consumers that higher energy costs linked to the Iran war could further strain household budgets and push inflation higher in the months ahead.
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TIPP Staff
TIPP Staff
