CONSUMER CONFIDENCE SOARS IN MAY TO HIGHEST READING SINCE 2007

REUTERS/Mike Stone

UPDATE: The consumer confidence report is out.

The headline index rose to 84.5 in May from 76.4 in April.

Economists expected the number to come in at 83.7, matching the preliminary estimate published by the University of Michigan earlier this month.

The economic conditions sub-index rose to 98.0 from 89.9 in April, exceeding the preliminary May estimate of 97.5.

The economic outlook sub-index rose to 75.8 from 67.8 in April, beating the preliminary estimate of 74.8.

Inflation expectations one year ahead and five years ahead were both unchanged from April at 3.1% and 2.9%, respectively.

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