Americans Worrying About the Economy Consumer Confidence Slips
Consumer confidence dipped in May, down from 109.8 in April 2006 to 103.2 during the month. Despite the negative news, May’s figure was still higher than analysts’ expectations. May’s Consumer Confidence figure is only the second decrease during a seven month rebound that has been ongoing since the aftermath of the 2005 hurricane season that wreaked havoc in the Gulf of Mexico.
National Retail Federation shoed that 76% of consumers believe that fluctuating gas prices have affected their spending habits. A year ago, only 67.2% felt that way, indicating that rising fuel costs are finally pushing consumers to a point where they will make changes and concessions due to the increases.
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