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Financial News Network
May 31, 2011 AT 7:25 PM
The Conference Board's consumer confidence index decreased to 60.8 in May, down from 66.0 in April. Economists had expected an increase to 67.5 for May.The present situation index declined to 39.3 from 40.2, and the index for future expectations declined to 75.2 from 83.2 last month.The cutoff date for these preliminary results for the month was May 18, 2011.Lynn Franco, Director of The Conference Board Consumer Research Center commented: "A more pessimistic outlook is the primary reason for this month's decline in consumer confidence. Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects. Inflation concerns, which had eased last month, have picked up once again. On the other hand, consumers' assessment of current conditions declined only modestly, suggesting no significant pickup or deterioration in the pace of growth."The proportion of consumers expected business conditions to improve over the next six months declined to 17% form 19.2%, with those expected conditions to worsen increased to 15.5% from April's 14.0%.