The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence for May rose to 67.9 (67.0 consensus) from 65.1 in April. It is the survey’s strongest showing since the September collapse of Lehman Brothers (LEHMQ.PK).
The Index of Consumer Expectations, a closely watched component of the Index of Leading Economic Indicators, increased to 69.0 in early May, its highest since October 2007 and up from 63.1 in April (but still 27% below its January 2007 peak of 87.6).
From Reuters: Consumer confidence rose in early May as consumers became increasingly convinced that the economy is in its final stages of contraction, and paradoxically, that their personal finances would remain dismal and keep their spending at reduced levels for the foreseeable future,” the Reuters/University of Michigan Surveys of Consumers said in a statement.
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