29 May 2015, 18:10  Thomson Reuters/University of Michigan Index of Consumer Confidence books 90.7

The mood among America's shoppers markedly worsened in May and stepped down from the recent three-month high, a survey confirmed on Friday. Analysts partly linked the trend with rising gas prices. The Thomson Reuters/University of Michigan's final reading of its Index of Consumer Confidence booked 90.7 points during the fifth month of the year, down from 95.9 seen in April. That's the lowest print since November last year, when it hit 88.8. Economic desks had anticipated a downturn to 90.0 points in the month. A preliminary print showed the gauge plunging to 88.6, considerably missing original bets that had called for an unchanged reading in May. The reading eased after booking the strongest figure since January last month. Back then, the gauge had snatched the strongest number in eleven years at 98.1 - the last time it had been seen higher was in 2004. An improved outlook would prompt shoppers to spend more cash - and more importantly, to accelerate growth. Consumer spending accounts for nearly 70% of the economy, although spending has remained subdued since the end of the recession in 2009, averaging a mere 2% annual rate. The annual rate is usually more than 3% in a strong economy

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