Consumer Confidence Declines in May

New York, NY, May 29, 2012 -- U.S. consumer confidence unexpectedly fell in May to the lowest level in four months, according to the Conference Board.

The group’s index decreased to 64.9 from a revised 68.7 in the prior month.

The median forecast of economists called for a reading of 69.6.

The decline is at odds with the Thomson Reuters/University of Michigan’s measure, which climbed this month to the highest level since October 2007.

The Conference Board’s measure of present conditions decreased to 45.9, the weakest since January, from 51.2 a month earlier. The gauge of expectations for the next six months fell to 77.6 from 80.4.

“Taken together, the retreat in the present situation index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may moderate,” Lynn Franco, director of economic indicators at the Conference Board, said in a press release.