Consumer spending is up, consumer confidence is down

Source: MGN Online

WASHINGTON (AP) - U.S. consumers were slightly less confident in May for the second straight month, but they remain bullish overall.

The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 117.9 from 120.3 in April. The index hit 124.9 in March, its highest mark in 16 years.

The index that measures consumers' feelings about the current economic situation increased slightly, while the index measuring consumers' sentiment about the future was down slightly.

Consumers' outlook for the job market was also mixed.

Economists closely monitor the mood of consumers because their spending makes up about 70 percent of U.S. economic activity.

Earlier Tuesday, the Commerce Department reported that consumer spending rose 0.4 percent in April, its best showing since December.

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