May 27 (Bloomberg) — Confidence among U.S. consumers rose in May to the second-highest level since 2008 as Americans grew more upbeat about the economy and labor market.
The Conference Board's index climbed to 83 from 81.7 a month earlier that was weaker than initially estimated, the New York-based private research group said today. The reading matched the median forecast in a Bloomberg survey of 62 economists.
Higher stock prices and home values are underpinning sentiment for some Americans. 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.
"It's going to be a continual grind higher in terms of consumer confidence," Jacob Oubina, senior U.S. economist at RBC Capital Markets LLC in New York, said before the report, citing a steady pace of wage gains. "Most people care about their job and their income. Housing and the stock market are always secondary considerations."
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