Consumer confidence up slightly in May

Consumer confidence rose slightly in May, the Conference Board reported on Tuesday 

The Board’s benchmark Consumer Confidence Index increased from 81.7 to 83 between April and May, and the increase was led by an improving assessment of current economic conditions.

The component index measuring confidence about the current growth and labor picture increased to 80.4 from 78.5.

{mosads}In both indexes, values below 100 represent depressed consumer sentiment and indicate bullish sentiment. 

Despite some hiccups this year, the Index is now at a higher level than in the spring of 2008 at the start of the last recession.

“Expectations regarding the short-term outlook for the economy, jobs, and personal finances were also more upbeat. In fact, the percentage of consumers expecting their incomes to grow over the next six months is the highest since December 2007 (20.2 percent),” said the Board’s Lynn Franco in a press release.