The Conference Board Consumer conference Index, which had declined slightly in April, fell further in May. The Index now stands at 64.9, down from 68.7 in April.

Says Lynn Franco, Director of Economic Indicators at The Conference Board: ” Consumer Confidence fell in May, follwoing a slight decline in April. Consumers were less positive about current business and labor market conditions, and they were more pessismistic about the short term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending. Taken together, the retreat in the Present Situation Index and softening in consumer expectations suggest that the pace of economic growth in the months ahead may moderate.”

(Randy’s notes: If it’s any consolation, my 12 month averages for the past three years look like this…2009-44.96/avg., 2010-53.97/avg., 2011-58.08/avg., 2012-first 5 months 67.16/avg.)

Souce: The Conference Board