Consumer Confidence Readings Mixed, Gas Prices Fall

Consumer confidence finished with a split decision in May, while gasoline prices continued to fall from their highs in April.

The Conference Board’s Consumer Confidence Index fell more than five points to 60.8 in May. On the other hand, the Consumer Sentiment Index from Thomson Reuters/University of Michigan Surveys of Consumers was up in May, rising to 74.3 from 69.8 in April. The groups’ expectations indexes followed similar patterns, with the Conference Board expectation measure falling and U. Mich.’s Expectations Index higher. Both groups cited the negative impact of higher gasoline prices on consumer spending and confidence.

Meanwhile, gasoline prices continued to fall last week. The U.S. Energy Information Administration said the average price for a gallon of gasoline fell 5.5 cents during the week ending May 30, to $3.794 a gallon. Average diesel fuel prices dropped 4.9 cents.