Stat of the Day: Consumer Confidence Snaps Back
Surprising that the market is down so far today with rather upbeat news on the consumer front. Normally I'd not pay attention to this report because it doesn't always translate to consumer spending but expectations have reached a reflection point. When psychology turns it doesn't turn back that easily.
- The Reuters/University of Michigan Surveys of Consumers said its preliminary index of confidence for May rose to 67.9 from 65.1 in April.
- This was above economists' median expectation of a reading of 67.0, according to a Reuters poll.
- The index of consumer expectations jumped to 69.0 in early May, its highest since October 2007 and up from 63.1 in April.