US consumer confidence rose in May

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US consumer confidence rose in May to the highest level since October 2007, as gasoline prices at the pump fell.

The Thomson Reuters/University of Michigan final index of consumer sentiment rose to 79.3 from 76.4 the prior month.

The gauge was projected to hold at the preliminary reading of 77.8, according to the median forecast of economists.

Cheaper gasoline and an improving housing market may help sustain consumers’ spirits in the face of slower job growth and slumping stock prices.

The gain in confidence may signal Americans are more inclined to step up their purchases, which increased in the first quarter at the fastest pace in more than a year.

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Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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