The Conference Board said Tuesday that its index of consumer confidence slipped to 92.6 last month from 94.7 in April. The May reading matched the level in November. Both months were the lowest since last July.
Conference Board economists say that consumers remain cautious about the outlook for business and job market conditions, and anticipate little change in the months ahead.
The reading from the Conference Board stands in contrast to the University of Michigan’s consumer sentiment gauge, which rose in May to its highest reading in nearly a year.
Analysts said that the Michigan measure tends to be more volatile than the Conference Board survey. It is more influenced by changes in the stock market, while the Conference Board index has a greater link to job market conditions.
The Michigan survey may be giving a better read on consumers’ mood at the moment.
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