NEW YORK - The Conference Board??s Consumer Confidence Index fell to 60.8 in May, down from a revised 66 in April, a sign that lingering high gas prices, a weak job outlook, and a stagnant housing market on playing on consumers?? psyches, USA Today reports.

The reading was the lowest since November 2010 and was far below economists?? expected increase to 67 ?" and well below 90, which indicates a healthy economy.

"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects," said Lynn Franco, director of the Conference Board Consumer Research Center.

Consumer confidence, which is critical for an economic rebound, reflects spending likelihood and accounts for roughly 70 percent of U.S. economic activity. A poor economic outlook increases the risk that people will curb spending. Lately, a slew of factors are weighing on consumers?? minds, including:

• High gasoline prices, which reached a national average of $3.98 on May 5.

• A depressed real estate market. Home prices fell nationwide for the eighth straight month.

• A sluggish job market. The Labor Department reported more people applied for unemployment benefits last week, the first increase in three weeks.