Consumer Confidence
Consumer confidence soars in May, but analysts still cautious
Consumers were more confident about the U.S. economy in May, according to the New York-based Conference Board, which said its closely watched index of consumer confidence climbed more than 14 points to 54.9 from a revised 40.8 in April.
The jump in consumer confidence reported Tuesday far exceeded analysts’ expectations for a reading of 42.6 in May, according to Bloomberg LP, and puts the index at its highest level in eight months.
Expectations for the economy over the coming six months, considered a leading indicator for consumer spending, rose sharply to 72.3 in May from 51 in April.
“Consumers and firms may have judged that the worst is indeed behind us,” said Joseph Brusuelas, director of Moody’s Economy.com Inc.
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