30 May 2012

US Consumer confidence falling

12:02 pm on 30 May 2012

Consumer confidence in the United States fell to an eight-month low in May, as fears about the global economy and a falling domestic stock market hit sentiment.

The Consumer Confidence Index fell to 64.9, down from 68.7 in April.

That was the index's biggest fall since October 2011, but above the all-time low of 25.3 reached in February 2009.

May's confidence figure was weaker than expected, with economists predicting a figure of about 70.

The figure is watched closely because consumer spending accounts for about 70% of US economic activity.