U.S. Consumer Confidence Increases, Bolstered by Labor Market
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U.S. consumer confidence rose in May to a three-month high as a strong job market helped send views on the current state of the economy to the best in 17 years, according to figures Tuesday from the New York-based Conference Board.
Bigger after-tax paychecks and a healthy job market are helping to sustain confidence, which is also supporting gains in consumer spending. Sentiment may nonetheless face headwinds such as higher gasoline costs and mortgage rates, along with wild cards including trade tensions. In addition, a sustained pickup in wages remains absent even with the unemployment rate at the lowest level since late 2000.