NEW YORK (AFX) - The Conference Board's consumer confidence index climbed to 115.5 in May from a revised 109.9 in April, buoyed by growing confidence that the economy will recover in the next six months and revive a flagging labour market.
The initial April reading released last month was 109.2, down from 116.9 in March.
Economists surveyed by AFX News expected the consumer confidence May survey to rise to 110.
The Expectations Index rose to 86.8 in May from a revised 79.1 in April, while the Present Situation Index climbed to 158.6 from 156.0 in April.
"The rebound in consumer confidence was driven by optimism about future economic conditions," said Lynn Franco, director of The Conference Board's Consumer Research Center.
"Latest findings report rising confidence about job prospects over the next six months, but reveal growing concern about the current job market. Nowhere, however, are there indications that consumers will curtail their spending, which points to continued economic growth," said Franco.