After April’s confidence number was revised up a point, it dipped back to start May (though just above April’s original number).

War-induced inflation is making the present moment a downer, but those surveyed are still optimistic about near-term business conditions.

References to prices and oil and gas increased in frequency for a second consecutive month, while mentions of war, geopolitics, and conflict remained elevated—likely signaling consumers’ underlying concerns about the inflationary impacts of the war in the Middle East on their wallets.