The index improved from 81.7 in April to its second-highest level since 2008, when a credit crisis took hold.
“It looks like we’re getting a little bit of momentum. We’re obviously not surging, but we’re heading in the right direction,” Lynn Franco, the director of economic indicators at the Conference Board, said yesterday on Bloomberg Radio’s “The Hays Advantage.”
“Higher stock prices and home values are underpinning sentiment for some Americans,” Bloomberg’s Jeanna Smialek reported for this story about the consumer confidence reading. “A broadening of the pickup in employment that leads to stronger wage gains would help to further boost sentiment and propel the consumer spending that accounts for almost 70 percent of the economy.”
The Standard & Poor’s 500 Index rose to an all-time high of 1,911.91 “after the data boosted optimism in the world’s largest economy,” Bloomberg’s Shobhana Chandra reported.