Consumer confidence sank over the past month as surging energy bills and higher borrowing costs led many to worry about inflation and the condition of the economy.
The AP-Ipsos consumer confidence index came in at 78.2 in May, according to figures released Friday. That was down sharply from the showing of 84.5 registered in April and represented the lowest reading since October 2003. May’s showing also suggests that consumers aren’t feeling as good about the economy’s prospects as they did a year ago, when the index clocked in at 87.4.
