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Consumer Confidence Soars in May
Consumer confidence continued to rebound in May, jumping to its highest level since last September. The Conference Board's Consumer Confidence Index surged to 54.9 from a revised 40.8 in April, which was way ahead of analysts' expectations. The reading was the highest in eight months when the index was 61.4. The levels are also comparable to the reading of 58.1 in May 2008. "Looking ahead, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months," Lynn Franco, director of The Conference Board Consumer Research Center, said. "While confidence is still weak by historic standards, as far as consumers are concerned, the worst is now behind us." The Conference Board's Present Situation Index, which measures how shoppers currently feel about the economy, rose to 28.9 from 25.5 in April. But the Expectations Index, which measures consumers' outlook over the next six months, climbed to 72.3 from 51.0 in April.
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Date Last Updated: 05/28/2009
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