A better question would be: why would consumer confidence be up?

The Conference Board said today that its index of consumer confidence fell to a four-month low of 64.9 in May, further below a downwardly revised 68.7 in April. As Bloomberg News observed: "A 30-cent decline in gasoline prices since early April failed to brighten spirits."

The Conference Board dip is consistent with one picked up earlier by the Bloomberg Consumer Comfort Index, which is weekly, rather than monthly. Bloomberg's measure rose strongly in the first quarter and then started trending down sharply in mid-April before bouncing up a bit in the latest reading

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