Tuesday, May 31, 2011

Consumer Confidence Falls In May

The May reading for the Conference Board's Consumer Confidence Index dropped to 60.8 from April's revised 66.0. That drop confounded expectations for a rise to 67.5. Hardest hit was the future-expectations index, which dropped eight points; the present-situation index hardly budged. This reading conflicts with the Consumer Sentimant Index, which showed a rise for May.

Gold didn't react much to this number, although it did get a short-lived boost from the pessimistic Case-Shiller index released at 9:15. The metal stayed in the high 1530s, despite a poke at $1,540, until the early afternoon when it slumped down to $1,532.

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