Even With A Strong April Jobs Report, Consumer Confidence Sinks In May
The Labor Department reported the addition of 274,000 new jobs in April, one of the largest increases over the last year, with broad gains in all areas except manufacturing. At the same time, the job figures for February and March were increases by a combined 93,000 from the figures previously reported.
However, rising energy prices and interest rates have led to a significant drop in the AP/Ipsos consumer confidence gauge in early May. The index fell to 78.2 from 84.5 in April, and is at its lowest level since October 2003.