U.S. consumer confidence rebouned unexpectedly in May, helped by optimism about jobs.
The U.S. Conference Board today reported its consumer confidence index rose to 108.0 in May, up from a revised 106.3 in April. Analysts had expected the reading to fall to 104.5. The May reading was the highest since March when the index was at 108.2.
“The short-term outlook remains cautious and rising gasoline prices are having a negative impact on consumers’ inflation expectations,” said Lynn Franco, director of the Conference Board Consumer Research Centre, in a release.
Franco added, “All in all, confidence levels continue to suggest growth, albeit at a slow pace.”
The present situation index, which measures how shoppers feel now about economic conditions, rose to 136.1 from 133.5 in April. The expectations index, which measures consumers’ outlook for the next six months, edged up to 89.2 from 88.2.