US consumer confidence in jobs, economy falls in May

US consumer confidence fell the most in eight months in May, a private sector report showed today, as Americans became more pessimistic about the job market and the global economic outlook.

The Conference Board said its consumer confidence index fell to 64.9 in May, down from 68.7 in April, the Associated Press reported.

It was the index’s biggest fall since October 2011.

The BBC said economists had predicted a figure of about 70.

"Consumers were less positive about current business and labor market conditions, and they were more pessimistic about the short-term outlook," Lynn Franco, director of The Conference Board Consumer Research Center, was quoted by Reuters as saying.

"However, consumers were more upbeat about their income prospects, which should help sustain spending."

Consumer confidence is a closely watched indicator because consumer spending accounts for about 70 percent of the US economy.

More from GlobalPost: US house prices rise for second month, according to S&P/Case Shiller

The Conference Board’s data contradicts a separate consumer confidence index released last week.

The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment hit a four-year high in May.

More from GlobalPost: US consumer confidence hit four-year high in May, survey says

The AP said the Conference Board's figure was well below the 90 reading that indicates a healthy economy, but was significantly higher than the 40 figure reached last October.