U.S. consumer confidence dips in May as high gas prices and inflation persist
By
CHRISTOPHER RUGABER AP Economics Writer
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Summary
U.S. consumer confidence declined slightly in May, with the Conference Board's index slipping 0.7 points to 93.1 — the first drop after three months of gains. High gas prices and elevated inflation continue to weigh on consumer attitudes, contrasting sharply with record-high stock prices. The index remains stuck at low levels since the pandemic, far below the pre-COVID regular readings of 130.
Key quotes
· 3 pulledThe Conference Board's consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains.
Before COVID-19, it regularly reached 130.
U.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.
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