| Instant View: Consumer confidence cools in May May 29th 2012, 14:19  Reuters – 17 mins ago NEW YORK (Reuters) - Consumer confidence unexpectedly cooled in May, falling to the lowest level in four months as Americans became more pessimistic about the job market and economic outlook, according to a private sector report released on Tuesday. COMMENTS: MICHAEL MORAN, CHIEF ECONOMIST, DAIWA SECURITIES AMERICA, NEW YORK "It's a disappointing report, but not a catastrophic one. We lost a good bit of ground in May, but the index was still in the upper end of its recent range. I suspect the slippage in the stock market and troubling news out of Europe were the most important factors pushing the index lower. In addition, views of the labor market deteriorated with more people saying jobs were hard to get and fewer saying jobs were plentiful." TOM PORCELLI, CHIEF U.S. ECONOMIST, RBC CAPITAL MARKETS, NEW YORK "Confidence got smacked here. It is of little surprise that it did given all the negative headlines surrounding Europe. There were a couple of interesting things in the report, one being the job ratio deteriorated. That deterioration is a negative sign for Friday's payrolls report. I would expect confidence will remain under pressure as long as negative headlines from Europe persist, which should weigh on confidence in the coming months. This will call into question the efficacy of the U.S. recovery." JOSHUA BROWN, VICE PRESIDENT OF INVESTMENTS AT FUSION ANALYTICS IN NEW YORK "This is pretty bad, but you won't get a big reaction because everyone is waiting on the payroll report later this week. But this is more fuel for the fire for those who have been leaning towards a global slowdown. It is an ugly mess." JOSEPH LAVORGNA, CHIEF U.S. ECONOMIST, DEUTSCHE BANK SECURITIES, NEW YORK "Consumer confidence is still going up, but the latest readings are a little on the softer side. Like a lot of economic data, it moves in fits and starts. The jobs hard-to-get index was a little softer. That's a shade disappointing, but you need a much larger move than this for it to be significant." CHAD MORGANLANDER, PORTFOLIO MANAGER, STIFEL, NICOLAUS & CO, FLORHAM PARK, NEW JERSEY "No surprise that the consumer number would not have a meaningful impact on the market. All market participants are focusing on the European drama that has been playing out over the last few weeks." KATHY LIEN, DIRECTOR OF RESEARCH, GFT FOREX, JERSEY CITY "Equities fell significantly in May, which you would expect to drag down confidence, and job growth slowed. So today's number is a better indicator of how consumers feel than the University of Michigan survey. If equities continue to slide, confidence will retreat even further. Overall, this tells us the Fed has to remain vigilant in watching the economy and being ready to inject more stimulus. They don't have to act yet, but they have to be ready." DAVID SONG, CURRENCY ANALYST AT DAILYFX IN NEW YORK: "We saw it come in much weaker than expected, and it is the lowest point since January but one thing we have seen, even though a little bit disappointing, is it's off the lows of 2011. Going forward this will be important. We want to see consumer confidence continue to improve given household spending really remains one of the large drivers of growth in the U.S. economy. But despite the negative trend, it seems apparent the Fed is moving away from its easing cycle given we are seeing this recovery gradually gather pace." MARKET REACTION STOCKS: U.S. stocks held onto their earlier gains. BONDS: U.S. Treasury debt prices maintained their slight earlier gains. FOREX: The dollar briefly slipped versus the yen. (Americas Economics and Markets Desk; +1-646 223-6300) 
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