Today the Conference Board reported a five-year high in consumer confidence this May, up over 6 points since April and 15 points since March, exceeding the expectations of economists.
The Conference Board based its findings on its Consumer Confidence Index, which measures consumer sentiments on the economy’s “Present Situation” and “Expectations,” which rose 5.7 and 8.1 points, respectively–at 66.7 and 82.4, these are the highest levels since February of 2008.
The combined numbers total a score of 76.2, significantly above the 70.8 expected by economists.
Lynn Franco, director of economic indicators at the Conference Board, said that the numbers suggest consumer confidence is “may be re-gaining the traction it lost due to the fiscal cliff, payroll-tax hike, and sequester.”
Wall Street, already bolstered by the 3-day weekend, continued to rise after the Index numbers went public. At market close, the S&P was up 0.63%, and the Dow Jones was ahead 0.69%, or 106.29 points, closing at 15,409.39.