Consumer Confidence Up More Than Expected

New York, NY, May 25, 2010--Consumer confidence rose in May for the third straight month in a row, fueled by growing optimism about future job prospects, according to the Conference Board.

The Conference Board said Tuesday that its Consumer Confidence Index rose to 63.3, up from a revised 57.7 reading in April. Economists had expected 59.

The increase was boosted by consumers' outlook over the next six months, one component of the index, which soared to 85.3 from 77.4, the highest seen since it reached 89.2 in August 2007, before the economy entered in a recession.

The other component of the index, which measures how shoppers feel now about the economy, rose to 30.2 from 28.2.

A reading above 90 indicates the economy is on solid footing; above 100 signals strong growth.

In a release, issued Tuesday, Lynn Franco, director of The Conference Board Consumer Research Center, said that though confidence is still weak, it appears "to be gaining some traction."