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Consumer confidence hits 16-year low

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We really don’t want to report this next story … really, we don’t. The Wall Street Journal writes that consumer confidence weakened more than expected in May for the fifth straight month. It now stands at a 16-year low.

The paper cites the Conference Board’s new report that found its index of consumer confidence for May fell once again as consumers indicated their present situation and outlook for the future were both bleak. The confidence index now stands at 57.2, down from a slightly revised 62.8 in April and compared with economists’ expectations for a reading of 60.0 in May. By way of comparison, the confidence index was 87.3 in January and 108.5 in May 2007.