Investing.com - U.S. consumer confidence improved in line with expectations in May, underlining optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 83.0 this month from a reading of 81.7 in April, whose figure was revised down from a previously reported 82.3.
The Present Situation Index increased to 80.4 from 78.5, while the Expectations Index edged up to 84.8 from 83.9 in April.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence improved slightly in May, as consumers assessed current conditions, in particular the labor market, more favorably.”
Following the release of the data, the U.S. dollar held on to modest gains against the euro, with EUR/USD shedding 0.08% to trade at 1.3636.
Meanwhile, U.S. equity markets were higher after the open. The Dow 30 rose 0.4%, the S&P 500 added 0.45%, while the NASDAQ Composite tacked on 0.6%.