CONSUMER CONFIDENCE SIGNALS AN UPRIGHT SPIN

The seasonally-adjusted consumer confidence index rose to its highest level in 16 months in May. After reaching its lowest level at 54.9 in April, the index increased by 8.5 percent monthly to 59.5 in May. All the sub-indices rose as well and the index signaled an upright spin. May consumer confidence data is the highest level of 2020 and the second-highest level of the past year.