Consumer confidence falls in May

WASHINGTON (MarketWatch) 

A gauge of U.S. consumer confidence has declined for a third month, with gloomier views in May on present and future conditions, the Conference Board reported Tuesday

The consumer-confidence index fell to 64.9 in May – the lowest level since January -- from a revised 68.7 in April
A prior estimate for April pegged the level at 69.2, according to Conference Board, a membership and research group
“Consumers were less positive about current business and labor-market conditions, and they were more pessimistic about the short-term outlook,” said Lynn Franco, director of economic indicators at the Conference Board
The data suggest a moderating pace of economic growth in coming months, she added
Generally when the economy is growing at a good clip, confidence readings are at least 90
Economists polled by MarketWatch had expected a reading of 70 for May
The Conference Board’s present-situation gauge fell to 45.9 in May from 51.2 in April, while the expectations barometer declined to 77.6 from 80.4
Elsewhere Tuesday, S&P/Case-Shiller reported that U.S. home prices were unchanged in March, but remained at a post-recession low