The Conference Board's measure of Consumer Confidence fell to 106.4 in May from 108.6 in April (revised higher from 107.3), smaller than the expected drop to 103.9, data released on Tuesday revealed. That is consistent with a level of consumer confidence that remains still well above post-pandemic lows, but, owing to sky-high inflation, remains substantially below pre-pandemic levels around 130. 

The Consumer Present Situation Index fell to 149.6 in May from 152.9 in April, while the Consumer Expectations Index fell to 77.5 from 79.0. The widely watched Jobs Hard-to-get Index rose a little to 12.5 in May from 10.1 in April, indicative of modest deterioration in labour market conditions.