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NEW YORK — Consumer confidence shot up to its highest level in six years last month, according to the Thomson Reuters/University of Michigan consumer sentiment index.
Consumer confidence shot up to its highest level in six years last month, according to the Thomson Reuters/University of Michigan consumer sentiment index.
The overall May index rose to 84.5 from 76.4 in April, the highest level reached since July 2007 — before the recession. Other measures tracked by the survey, which is conducted by telephone, also improved. Consumer expectations advanced to 75.8 from 67.8, while consumer perception of current economic conditions climbed to 98.0 from 89.9.
For the first time in five years, more consumers polled reported that their finances had improved rather than worsened. The rise in optimism was strongest among households with incomes above $80,000, and it was attributed to a surging stock market and higher home prices.
