US consumer confidence rises in May on jobs hopes-IBD

NEW YORK, May 11 (BestGrowthStock) – U.S. consumer confidence
improved in May, boosted by the perception that the worst was
over in terms of job losses and helped by optimism associated
with earlier gains in the stock market, a report released on
Tuesday showed.

Investor’s Business Daily and TechnoMetrica Market
Intelligence said their IBD/TIPP Economic Optimism Index rose
to 48.7 in May from 48.4 in April. Last month, the index had
rebounded after previously hitting its lowest level in a year.

Readings above 50 indicate optimism, while those below 50
point to pessimism.

The index is just above its 12-month average of 48.5 and
4.3 points above its reading of 44.4 in December 2007 when the
U.S. economy entered recession.

“Despite market volatility, many investors and average
Americans view the gain of 573,000 new nonfarm jobs since the
start of the year as a sign of a bottom in the labor market,”
said Terry Jones, associate editor of Investor’s Business
Daily.

However, there was a drop in two of the main index’s three
components — the Six-Month Economic Outlook and the Personal
Financial Outlook.

By contrast, confidence rose in Federal Economic Policies,
or views on how government economic policies are working.

IBD/TIPP conducted the national poll of 924 adults from
April 30 to May 6. The margin of error is plus or minus 3.3
percentage points.

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(Reporting by John Parry; Editing by Chizu Nomiyama)

US consumer confidence rises in May on jobs hopes-IBD