Is the Consumer Confidence really showing confidence?

For the third consecutive month consumer confidence fell, dropping to 64.9 in May to the lowest level since the January reading of 61.5. When the economy is growing at a strong pace, consumer confidence readings usually reach levels of 90 or more.

The consumer confidence survey measures the level of confidence individual households have in the performance of the economy now and in the future. It is a leading indicator of future spending and the business cycle. 5000 consumers in the nine census divisions across the country are surveyed each month. The level of consumer confidence is directly correlated to the strength of consumer spending, which accounts for two-thirds of the economy.