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May 29, 2018, 4:32 p.m. EDT

Consumer confidence is close to 18-year high

Consumer confidence index rises to 128 in May vs. April’s 125.6

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By Jeffry Bartash, MarketWatch


Bloomberg News/Landov
Americans are very upbeat about the economy, according to the latest survey of consumer confidence.

The numbers: The level of confidence Americans expressed in the economy remained near an 18-year high in May, suggesting steady U.S. growth in the months ahead.

The consumer confidence index rose to 128 from a revised 125.6 in April, the Conference Board said Tuesday. Originally the April index was reported at 128.7.

What happened: The present situation index, a measure of current conditions, ​climbed to a 17-year high of 161.7 from 157.5 in the prior month.

The future expectations index edged up to 105.6 from 104.3.

Big picture: The high level of confidence reflects a sturdy economic expansion in the U.S. that’s about to turn nine years old with no end in sight. Job openings are at a record high and unemployment is at a 17-year low.

What they are saying?: “Consumer confidence has remained resilient in recent months despite uncertainty stoked by anti-trade rhetoric and stock market volatility,” economists at Barclays said.

“Consumers’ assessment of current conditions increased to a 17-year high, suggesting that the level of economic growth in [the second quarter] is likely to have improved from [the first quarter],” said Lynn Franco, director of economic Indicators at board.

Market reaction: The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.44% and Standard & Poor’s /zigman2/quotes/210599714/realtime SPX +0.42% sank in Tuesday trades.

The 10-year Treasury yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.53%   fell 15 basis points to 2.78% in what appeared to be a flight to quality by investors nervous about Italy’s political situation. Just a week early the 10-year note was at 3%.

/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,084.53
+153.60 +0.44%
Volume: 223.67M
July 29, 2021 5:13p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,419.15
+18.51 +0.42%
Volume: 2.01B
July 29, 2021 5:13p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.25
-0.02 -1.53%
Volume: 0.00
July 29, 2021 9:15p
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Jeffry Bartash is a reporter for MarketWatch in Washington.

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