Consumer Confidence in U.S. Rises to Highest Since February 2008
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Confidence among U.S. consumers climbed in May to the highest level in more than five years as views on the economy and labor market improved.
The Conference Board’s index rose to 76.2, the strongest since February 2008 and exceeding the highest estimate in a Bloomberg survey of economists, from a revised 69 in April, data from the New York-based private research group showed today. The median forecast called for an increase to 71.2.
The gain in sentiment coincides with rising property values and stocks that are providing a boost for household balance sheets at the same time the job market heals. Further improvement in Americans’ outlooks may encourage a pickup in consumer spending, which accounts for about 70 percent of the economy.
“Equity market strength and particularly job growth, that’s really the key,” David Sloan, senior economist at 4Cast Inc. in New York, said before the report. “The economy and confidence will move up together. As employment grows, people can feel more secure in spending.”
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