US consumer confidence dips in May as high gas prices and inflation offset stock market gains
By
Christopher Rugaber
Toasted golden, schmeared with insight. Top of the rack.
Summary
U.S. consumer confidence declined in May for the first time in three months, with the Conference Board's index slipping 0.7 points to 93.1. Despite stock markets hovering near record levels, high gas prices (averaging $4.49/gallon) and persistent inflation are weighing on Americans' economic outlook. Polls indicate Americans have soured on President Trump's economic policies, which could create challenges for Republicans ahead of the midterm elections.
Key quotes
· 4 pulledU.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices that have neared record levels.
The Conference Board's consumer confidence index on Tuesday slipped 0.7 points to 93.1 in May, the first decline after three months of gains.
Americans have soured on President Trump's economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections.
Gas prices have soared to a nationwide average of $4.49 a gallon from $2.98 just before the war began at the end of February.
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