Consumer Confidence Remains in Upswing

Consumer confidence continues to improve in May, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The final index for the month increased to a three month high of 74.3 from 69.8 in April, the survey said. The preliminary index, released earlier in May, was 72.4

The reading topped economists’ median forecast of a 72.4 reading, Bloomberg reported.

The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.

Bloomberg said gasoline prices are falling after rising to their highest levels since July 2008, providing some relief for consumers whose purchases account for 70% of the economy.