US Consumer Confidence Falls as Cost of Living Skyrockets

Associated Press: U.S. consumer confidence edged lower in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation. The Conference Board said Tuesday that its consumer confidence index dipped to 106.4 in May — still a strong reading — from 108.6 in April. The business research group’s present situation index, which measures consumers’ assessment of current business and labor conditions, also fell in May to 149.6 from 152.9 in April. The expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, also declined in May, to 77.5 from 79 in April. It was above 80 in February and remains a weak spot in the survey (Associated Press).  RNC Research: CNN reports that the “high cost of living continues to cast a shadow over this economy” “Gas, food, and housing… all three continue to get more expensive” under Biden (Twitter).  Reuters: With prices still high and borrowing costs rising, consumers are reassessing their spending plans. The share of consumers planning to buy a motor vehicle over the next six months dipped. Fewer consumers intended to buy major household appliances like refrigerators, washing machines, dryers and television sets (Reuters).