Consumer-confidence gauge falls to 64.9 in May (by Ruth Mantell)

WASHINGTON (MarketWatch) -- A gauge of U.S. consumer confidence has declined for a third month, with gloomier views in May on present and future conditions, the Conference Board reported Tuesday. The consumer-confidence index fell to 64.9 in May - the lowest level since January -- from a revised 68.7 in April. A prior estimate for April pegged the level at 69.2. "Consumers were less positive about current business and labor-market conditions, and they were more pessimistic about the short-term outlook," said Lynn Franco, director of economic indicators at the Conference Board. The data suggest a moderating pace of economic growth in coming months, she added. Generally when the economy is growing at a good clip, confidence readings are at least 90. Economists polled by MarketWatch had expected a reading of 70 for May.