Consumer Confidence Falls Unexpectedly in May

New York, NY, May 31, 2011 -- U.S. consumer confidence declined in May as consumers turned more pessimistic on the outlook for the labor market and inflation, according to the Conference Board.

The Conference Board, an industry group, said its index fell to 60.8 from a revised 66.0 in April. The reading was below economists' forecasts for 66.5.

The proportion of those who said jobs were hard to get rose to 43.9% from 42.4% the month before, although the "jobs plentiful" category also rose to 5.6% from 5.1 percent.