US consumer confidence declines in May, survey finds

US consumer confidence declined in May as concerns about inflation linked to the war with Iran intensified, offsetting an improvement in families' perception of the job market, a survey released on Tuesday (26) showed.

The Conference Board reported that its consumer confidence index fell 0.7 points to 93.1 this month. April's data was revised upwards, showing the index at 93.8 instead of 92.8. Economists interviewed by Reuters predicted that the index would fall to 92.0.

"Consumer confidence declined in May as the inflationary impacts of the war in the Middle East intensified," said Dana Peterson, chief economist at the Conference Board.

"References to prices and oil and gas increased in frequency for the second consecutive month, while mentions of war, geopolitics and conflict remained elevated - likely signaling consumers' underlying concerns about the inflationary impacts of the war in the Middle East on their wallets," he added.

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Source: CNN