01 Jun '11, 12am

US consumer confidence falls unexpectedly in May - Straits Times

NEW YORK - AMERICANS are losing faith that the economy will keep improving, according to a monthly survey. The Conference Board's Consumer Confidence Index fell to 60.8 from a revised 66 in April, a sign of the toll that high gas prices, a choppy job outlook and a moribund housing market are taking on people's psyches. Economists had expected an increase to 67. It was the lowest reading since November. 'Consumers are considerably more apprehensive about future business and labour market conditions as well as their income prospects,' said Lynn Franco, director of The Conference Board Consumer Research Center. She said fears over inflation, which eased in April, picked up again in May. The index, released on Tuesday, is still far from the reading of 90 that indicates a healthy economy. It hasn't approached that level since the recession began in December 2007. Increased worr...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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