Consumer confidence falls more than expected

ShutterstockThe Conference Board's consumer confidence index fell for a second straight month, to 117.9 in May, a drop that was more than expected.

Economists had forecast a reading of 120.3.

"Consumers' assessment of present-day conditions held steady, suggesting little change in overall economic conditions," said Lynn Franco, director of economic indicators at The Conference Board.

"Looking ahead, consumers were somewhat less upbeat than in April, but overall remain optimistic that the economy will continue expanding into the summer months."

The share of people who expect business conditions to improve over the next six months fell to 25.1% from 21.3%, while those expecting conditions to worsen dipped to 10.1% from 10.4%.

More to come ...