Investing.com – U.S. consumer confidence declined unexpectedly in May, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence fell to 60.8 in May, compared to a reading of 66.0 in April, whose figure was upwardly revised from 65.4.
Analysts had expected the index to rise to 66.3 in May.
The report showed that the Present Situation Index decreased to 39.3 from 40.2, while Consumer Expectations Index declined to 75.2 from 83.2 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects.”
“On the other hand, consumers’ assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth,” she said.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.8% to hit 1.4396.
Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average added 0.85%, the S&P 500 index climbed 0.7%, while the Nasdaq Composite index gained 0.9%.
In a report, the Conference Board, a market research group said its index of consumer confidence fell to 60.8 in May, compared to a reading of 66.0 in April, whose figure was upwardly revised from 65.4.
Analysts had expected the index to rise to 66.3 in May.
The report showed that the Present Situation Index decreased to 39.3 from 40.2, while Consumer Expectations Index declined to 75.2 from 83.2 last month.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects.”
“On the other hand, consumers’ assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth,” she said.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.8% to hit 1.4396.
Meanwhile, U.S. stock markets were higher. The Dow Jones Industrial Average added 0.85%, the S&P 500 index climbed 0.7%, while the Nasdaq Composite index gained 0.9%.