A measure of consumer confidence has slipped from its highest reading in more than a year, but still reflects mostly upbeat assessments of business and labor conditions.

The Conference Board reported its Consumer Confidence Index fell to 117.2 in May, down three-tenths of a point from what in April was the highest reading since early 2020.

“Consumers’ assessment of present day conditions improved, suggesting economic growth remains robust in Q2. However, consumers’ short-term optimism retreated, prompted by expectations of decelerating growth and softening labor market conditions in the months ahead,” said Lynn Franco, director of economic indicators at the Conference Board. 

Overall, consumer confidence should remain resilient as COVID-19 vaccinations increase and the economy fully reopens, Franco said.

The business research and membership group bases the index on the results of monthly household surveys. Consumer spending accounts for more than two-thirds of economic activity.

Assessments of current conditions pushed the present situation component of the index up 12.4 points to 144.3.

The proportion of consumers who responded to the survey upon which the May index was based who characterized business conditions as “good” fell seven-tenths of a point to 18.7 percent. But the share of those who said business conditions were “bad” fell more — 2.7 points to 21.8 percent.

The proportion of consumers who called jobs “plentiful” rose 10.5 points to 46.8 percent. The share of those who said jobs are “hard to get” fell 2.5 points to 12.2 percent.

Consumers were less optimistic in their short-term outlook, pulling down the expectations component of the index 8.8 points to 99.1.

The share of consumers who said they expect business conditions to improve over the next six months fell 2.8 points to 30.3 percent. The proportion of those anticipating worsening conditions rose 2.7 points to 14.8 percent.

The share of those who expect more jobs to become available in coming months fell 4.5 points to 27.2 percent. The proportion of those anticipating fewer jobs rose 2.9 points to 17.3 percent.

Asked about their expectations for income, 14.5 percent of those who responded said they anticipated increases in the next six months — down 2.9 points from April. Meanwhile, 9.3 percent said they expected decreasing income, down 1.2 points.