United States: Consumer confidence rebounds to highest level in over five years
May 28, 2013
In May, the Conference Board consumer confidence index rose to 76.2 points from the revised 69.0 points seen in April (previously reported: 68.1 points). The reading represents the highest level recorded since February 2008 and surprised the market on the upside, as analysts expected the index to rise only to 71.0 points.
The monthly print was mainly driven by a sharp rise in consumers' expectations regarding their personal finances over the next 12 months. Surveyed households also expressed a more positive outlook regarding their current financial situation. In addition, respondents' assessment of future job market improved, with more people seeing more jobs six months from now.
According to the Conference Board, results from May point to an improvement in consumers' assessment of the economy, in particular, "back-to-back monthly gains suggest that consumer confidence is on the mend and may be regaining the traction it lost due to the fiscal cliff, payroll-tax hike, and sequester".