WASHINGTON (Reuters] – U.S. consumer sentiment sank slightly in May amid concerns about rising inflation and a shift in perceptions regarding the labor force, according to a Tuesday survey.

According to the Conference Board, Tuesday’s consumer confidence index reading fell to 106.4. The index reading for April was reported at 108.6 as opposed to the 107.3 previously reported.

Lynn Franco, senior director for economic indicators at The Conference Board Washington stated that the decline in The Present Situation Index was solely due to a perception of softer labor market conditions. However, current business conditions are better than the trends in job growth.