Consumer confidence showed an unexpected decline for the month of May, falling from 119.4 down to 117.9. With that drop, consumer confidence saw its first back-to-back drop since May of last year, although it still remains well above its long-term average of 93.
There's a fascinating divergence in confidence based on income levels in the past two months. Sentiment among consumers with incomes greater than $50,000 has dropped over 10 percentage points in the last two months, which is the largest two-month decline in two years. But confidence levels among consumers with incomes between $35,000 and $50,000 actually increased this month and is barely down in the last two months.
But for lower-income folks, it's a completely different story. For consumers with annual incomes below $15,000, confidence is at its highest level in nearly 16 years.