Consumer confidence weakens in May

Consumer confidence deteriorated further in May as weak business and job conditions coupled with growing pessimism about the short-term future further depleted consumers' confidence in the overall state of the economy, The Conference Board reported today.

The Consumer Confidence Index fell to 57.2 -- a 16-year low -- down from 62.3 in April. The Present Situation Index registered 74.4, down from 81.9. The Expectations Index fell to 45.7, compared with 50 in April.

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