The mood among U.S. consumers is at its highest level in eight months, according to results from the Reuters/University of Michigan consumer confidence surveys.
The reading on consumer sentiments at the end of May sits at 68.7, up from 65.1 at the end of April. Consumers seem to be optimistic that U.S. government’s stimulus plan has brought the economy back from the brink of collapse. The median reading for all months in 68.0.
Consumer spending accounts for approximately 70 percent of the U.S. economy.
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