Americans have gone shopping again, with consumer confidence approaching a five-year high last month and nearing a six-year high in early May, according to news sources.
The University of Michigan and Thomson Reuters index of consumer sentiment for May climbed to 83.7, up from 76.4 in April, according to figures released on Friday. That's the highest it's been since July 2007, MarketWatch reported.
Related: Consumer Prices Fell in April on Lower Gas Costs
Consumers in the upper brackets showed the most optimism -- as might be expected among consumers with less debt and greater assets -- though they expressed little optimism about earnings growth, according to Reuters.
That would be from wages and other compensation, however. The upper brackets are more heavily invested in the markets, and the Standard & Poor's and Dow Jones Industrial Average have seen a remarkable string of highs in recent weeks.
The rise in consumer sentiment gave a boost to Wall Street. The DJIA was up 60 points in midmorning trading at 15,294, and the S&P was up 9 points at 1,659. The DJIA was up 1.2 percent for the week, while the S&P was up 1.6 percent.
The Reuter's index also showed a rise of consumers who expect to buy durable goods and a jump in consumer expectations.
Economists said lower gasoline prices and low inflation seem to have offset the expiration of the payroll holiday tax, MarketWatch and Reuters both reported.
It's not too late to submit your company for the 2013 HispanicBusiness 500! Just visit https://www.surveymonkey.com/s/NSYJKM7.
Check out the 2013 Top 25 Hispanic Nonprofits -- they're on a roll, despite continued hard economic times.
Most Popular Stories
- Criminal Investigation Opened Into James Foley's Death
- Apple Stock Bounces Back Big Time
- Is Diversity in the Eye of the Beholder?
- Investors Betting on ECB Stimulus Measures
- 'Mythbusters' Build Team Gets the Boot
- Jennifer Lopez Would Marry Again
- Florida Judge Rules in Favor of GOP Voter Map
- Mo'Ne Davis a Big Winner Despite Loss
- DHS Warns Retailers About Malware in Cash Registers
- Hackers Get Homeland Security Employee Records