Flouting the black cloud hanging over America’s jobs market, US consumer sentiment rose for the second straight month in May – thanks to rising stock markets and the swift outcome of the war on Iraq.
The University of Michigan's bellwether gauge of consumer confidence [as to future prospects] leapt from April's 86.0 to 92.1 in May, its highest level in nearly a year – albeit marginally below economists’ forecasts of 92.6.
Joe Public, however, is less ebullient about the ‘here and now’ situation. The university’s index on consumers’ current view of the economy fell to 93.2 in May from April's 96.4.
But Michigan’s data underscores other rising indicators of consumer confidence released last week. These include the ABC/Money Magazine Consumer Comfort Index, which gained ground for the first time in a month for the week ended May 25; and the Conference Board’s Consumer Confidence Index which soared to a six-month high in May.
Data sourced from: USA Today; additional content by WARC staff