US consumer confidence slips in May amid stubborn inflation

SILVER SPRING, Md. (AP) - U.S. consumer confidence edged lower in May as Americans' view of their present and future prospects dimmed in the midst of persistent inflation.

The Conference Board said Tuesday that its consumer confidence index dipped to 106.4 in May - still a strong reading - from 108.6 in April.

The business research group's present situation index, which measures consumers' assessment of current business and labor conditions, also fell in May to 149.6 from 152.9 in April.

The expectations index, based on consumers' six-month outlook for income, business and labor market conditions, also declined in May, to 77.5 from 79 in April. It was above 80 in February and remains a weak spot in the survey.

President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans' earnings.

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