Wednesday, June 01, 2005

Confidence bounces back

NEW YORK - With Americans feeling better about the economy and the jobs outlook, consumer confidence reversed a three-month losing streak during May and rebounded 4.8 percent to a reading of 102.2, The Conference Board reported today.

But even with the spike, the confidence level is still 3.3 percent beneath its 12-month high of 105.7 recorded last July. Results were mixed on a regional basis.

"Consumer confidence improved in May, gaining back nearly all of the ground it lost in April," said Lynn Franco, director of The Conference Board's ConsumerResearchCenter. The index gauging current business conditions, she said, "despite fluctuations in recent months, is more than 26 points higher than a year ago. Consumers' concerns about the economy and jobs have eased."