Already in a bad mood, consumers are now losing faith in the state of affairs at a faster clip.
The Conference Board’s Consumer Confidence Index for May was down 5.2 points to 60.8, the lowest level in six months.
The high price of gasoline, the troubled labor and housing markets, and the cost of various wars in the Middle East are weighing on their minds, the Board said.
Despite the mood, consumer spending has held up well through the first half of 2011, but analysts are now questioning whether that trend will continue. At the same time, many analysts feel gas prices will recede, which should have a positive impact on spending and confidence.