Consumer confidence unexpectedly improved in May as the U.S. economy slowly restarted, according to data released Tuesday by the Conference Board.
The Conference Board’s consumer confidence index rose to 86.6 this month from 85.7 in April. Economists polled by Dow Jones expected consumer confidence of 82.3 in May.
“Following two months of rapid decline, the free-fall in Confidence stopped in May,” said Lynn Franco, senior director of economic indicators at The Conference Board, in a statement. “Short-term expectations moderately increased as the gradual re-opening of the economy helped improve consumers’ spirits.”