Consumer confidence came in at 63.3 vs. 58.3 expected.
The Conference Board Consumer Confidence Index® increased in May, its third consecutive monthly gain. The Index now stands at 63.3 (1985=100), up from 57.7 in April. The Present Situation Index increased to 30.2 from 28.2. The Expectations Index improved to 85.3 from 77.4 last month.
Says Lynn Franco, Director of The Conference Board Consumer Research centre: “Consumer confidence posted its third consecutive monthly gain, and although still weak by historical levels, appears to be gaining some traction. Consumers’ apprehension about current business conditions and the job market continues to slowly dissipate. Consumers’ expectations, on the other hand, have increased sharply over the past three months, propelling the Expectations Index to pre-recession levels (August 2007, 89.2). The improvement has been fuelled primarily by growing optimism about business and labour market conditions. Income expectations, however, remain downbeat.”
Here are the markets after the release, slightly higher: