The Conference Board Consumer Confidence Index, which had declined in April, continued its downward trend in May and now stands at 57.2 (1985=100), down from 62.8 in April - and a 16-year low (Oct. 1992, 54.6), the Conference Board reported (via MarketingCharts).

The Present Situation Index decreased to 74.4 from 81.9 in April. The Expectations Index declined to 45.7 from 50.0 in April.

"Weakening business and job conditions coupled with growing pessimism about the short-term future have further depleted consumers' confidence in the overall state of the economy," said Lynn Franco, Director of The Conference Board Consumer Research Center.

"Consumers' inflation expectations, fueled by increasing prices at the pump, are now at an all-time high and are likely to rise further in the months ahead."

Additional findings on current conditions, the job market, short-term expectations and the labor market are available from MarketingCharts.