Americans just keep feeling better and better about this economy. According to the quasi-official numbers compiled by the Conference Board, the U.S. consumer-confidence index reached a five-year high of 76.2 in May, up from 69.0 in April. The related consumer sentiment survey hit a six-year high in May.
The biggest reason for the jump was increased optimism about the health of the economy over the next six months. The expectations index jumped to 82.4, more than 10 percent above the April level and the highest that figure has been in seven months. The percentage of respondents expecting more jobs to be available six months from now rose to 16.8 percent, the highest that number has been in 2013.
Oddly enough, the improvement in consumers’ outlook is coming when wages have been fairly stagnant. Median annual household income in April was $51,456, up marginally from March’s $51,190. Since the end of the recession, household income has remained in a narrow band between $51,000 and $52,000.
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