Consumer Confidence Bounces Back in May After Three Months of Decline

Consumer confidence rose in May after declining for the last three months, with the Conference Board's Consumer Confidence Index increasing to 102 from 97.5. Consumers cited high prices for food and groceries as having the greatest impact on their views of the economy. Their expectations about average inflation over the next 12 months edged up slightly. The share of consumers expecting higher interest rates over the next year also increased slightly. Views of the current labor market improved as fewer consumers said jobs were hard to get.