New York -- Consumer confidence climbed to the highest level in more than five years, according to The Conference Board. The group’s closely-watched sentiment index rose to 76.2 in May, the highest since February 2008, and up from a reading of 69.0 in April.
The expectations index jumped to 82.4 in May from 74.3 in April to mark the highest level in seven months. The present situation index rose to 66.7 from 61.0. The share of consumers expecting more jobs to open in the next six months increased to a five-month high.
“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,” said Lynn Franco, director of economic indicators at the Conference Board.