Investing.com - U.S. consumer confidence rose more-than-expected in May, hitting the highest level since February 2008, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 76.2 in May from a reading of 69.0 in April, whose figure was revised up from 68.1.
Analysts had expected the index to rise to 71.0 in May.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers’ assessment of current business and labor-market conditions was more positive and they were considerably more upbeat about future economic and job prospects.”
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.14% to trade at 1.2913.
Meanwhile, U.S. equity markets held on to sharp gains. The Dow Jones Industrial Average rallied 1.2%, the S&P 500 index jumped 1.25%, while the Nasdaq Composite index was up 1.3%.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 76.2 in May from a reading of 69.0 in April, whose figure was revised up from 68.1.
Analysts had expected the index to rise to 71.0 in May.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumers’ assessment of current business and labor-market conditions was more positive and they were considerably more upbeat about future economic and job prospects.”
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.14% to trade at 1.2913.
Meanwhile, U.S. equity markets held on to sharp gains. The Dow Jones Industrial Average rallied 1.2%, the S&P 500 index jumped 1.25%, while the Nasdaq Composite index was up 1.3%.