U.S. Consumer Confidence Edges Modestly Lower In May

Consumer confidence in the U.S. saw a modest decrease from an upwardly revised level in the month of May, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index edged down to 102.3 in May from an upwardly revised 103.7 in April.

Economists had expected the consumer confidence index to slip to 100.0 from the 101.3 originally reported for the previous month.

"Consumer confidence declined in May as consumers' view of current conditions became somewhat less upbeat while their expectations remained gloomy," said Ataman Ozyildirim, Senior Director, Economics at The Conference Board.

He added, "While consumer confidence has fallen across all age and income categories over the past three months, May's decline reflects a particularly notable worsening in the outlook among consumers over 55 years of age."

The report said the present situation index decreased to 148.6 in May from 151.8 in April, while the expectations index dipped to 71.5 from 71.7.