Rising cost of living hurts US consumer confidence

WASHINGTON: US consumer confidence eased modestly in May as persistently high inflation and rising interest rates force Americans to become more cautious about buying big ticket items, including motor vehicles and houses, which could curtail economic growth.

The survey from the Conference Board on Tuesday also showed consumers’ perceptions of the labor market softening a bit this month. Though the drop in confidence was small, it suggested that the Federal Reserve’s aggressive monetary policy actions to slow demand were starting to have an impact.