Overview

• Consumer confidence in the US fell in May due to pessimism about the labor market and anxiety over inflation.
• The present situation index, which measures consumers' assessment of current business and labor market conditions, also fell.
• Consumer spending has remained strong despite the Federal Reserve raising interest rates 10 straight times since March of last year.
• Consumers over 55 years of age showed a particularly notable worsening in their outlook.
• US consumer confidence slipped to 102.3 in May from 103.7 in April as concerns about the economic outlook lingered.