Consumer Confidence Up
The Conference Board said that its Consumer Confidence Index rose to 102.2 from a revised 97.5 in April. The reading was much better than the 96 that analysts had expected, which would have been a decline from the original April reading of 97.7.The consumer confidence index is now at the highest level since it reached 103 in March.
"Consumer confidence improved in May, gaining back nearly all of the ground it lost in April," said Lynn Franco, director of The Conference Board's Consumer Research Center, in a statement.
Economists closely track consumer confidence because consumer spending accounts for two-thirds of all U.S. economic activity.
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