In May, Inflation Worries Weighed on U.S. Consumer Confidence

U.S. consumer confidence eased in May as worries about inflation linked to the war in Iran intensified and households' views of the labor market were largely pessimistic, though they anticipated an improvement by the end of ​this year.

The marginal drop in confidence reported by the Conference Board on Tuesday contrasted starkly with the release last week of the University of Michigan's Surveys of Consumers, which showed consumer sentiment‌ plumbing record lows in May. Still, it was the latest sign of growing dissatisfaction with President Donald Trump's handling of the economy.

Trump won the 2024 presidential election in large part because of his promise to lower inflation, but U.S. consumers have faced higher prices, first from his sweeping import tariffs and recently from the U.S.-backed war with Iran. A Reuters/Ipsos survey last week showed Trump's presidential approval rating fell to nearly its lowest level since he returned to the White House in January 2025.

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