The decline in the Conference Board measure of consumer confidence to 92.6 in May, from 94.7, could potentially be the first signal that the presidential election is beginning to weigh on the economy. Admittedly, the alternative University of Michigan measure of confidence actually strengthened in May. But it wouldn’t be a surprise if the election did weigh on confidence since, uniquely, the two presumptive candidates both have significant net disapproval ratings.
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