US consumer confidence dips in May: survey

US consumer confidence eased slightly in May as concerns about high inflation persisted and perceptions of the labour market softened a bit, a survey showed on Tuesday (May 31).

The Conference Board said on Tuesday its consumer confidence index slipped to a reading of 106.4 this month. Data for April was revised higher to show the index at 108.6 instead of the previous reported reading of 107.3.

"The decline in the Present Situation Index was driven solely by a perceived softening in labour market conditions," said Lynn Franco, senior director of economic indicators at The Conference Board in Washington. "By contrast, views of current business conditions, which tend to move ahead of trends in jobs, improved." REUTERS