"We are making progress when it comes to the labor market, but clearly this is another sign that it's still very slow-going"
- Aaron Smith, a senior economist at Moody's Analytics Inc.
U.S. consumer confidence dropped to lowest level in four months in May as consumers became less optimistic on the job market, the Conference Board Inc. said on Tuesday. An index of sentiment declined to 64.9 points from 68.7 in April.
"We are making progress when it comes to the labor market, but clearly this is another sign that it's still very slow-going," said Aaron Smith, a senior economist at Moody's Analytics Inc. in West Chester, Pennsylvania.
"When we see expectations get marked down, that can cause consumers to think twice about making big-ticket purchases."
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