The Conference Board announced on Tuesday its U.S. consumer confidence dropped 0.3 points to 117.2 in May from 117.5 in April.

Economists had expected consumer confidence to come in at 119.20.

April’s consumer confidence reading was revised down from the originally estimated 121.7.

The survey showed that the present situation index surged from 131.9 in April to 144.3 this month. Meanwhile, the expectations index decreased from 107.9 last month to 99.1 in May.

“After rebounding sharply in recent months, U.S. consumer confidence was essentially unchanged in May,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of present-day conditions improved, suggesting economic growth remains robust in Q2. However, consumers’ short-term optimism retreated, prompted by expectations of decelerating growth and softening labor market conditions in the months ahead. Consumers were also less upbeat this month about their income prospects - a reflection, perhaps, of both rising inflation expectations and a waning of further government support until expanded Child Tax Credit payments begin reaching parents in July. Overall, consumers remain optimistic, and confidence should remain resilient in the short term, as vaccination rates climb, COVID-19 cases decline further, and the economy fully reopens.”