Consumer Sentiment Soars to Highest Level in Six Years

In another sign of a potentially strengthening economic outlook, consumer confidence rose in May to its highest level in almost six years.

Analysts see the surge as fueled by an advancing stock market, stable-to-lower gas prices and low interest rates.

According to the Thomson Reuters/University of Michigan preliminary index,consumer sentiment rose to 83.7 in May, the highest since July 2007, from 76.4 the prior month. The median forecast in a Bloomberg survey was for a gain to 77.9. Forecasts ranged from 74 to 82.5. The index averaged 64.2 during the recession that ended in June 2009 and 89 in the five years prior.

 

Category: General Update