U.S. consumers were more optimistic in May than in April, the Conference Board reported on Tuesday, with sentiment recovering as shoppers became more optimistic about the future.
The Consumer Confidence Index rose to 83 in May, up from 81.7 percent in the prior month. The Expectations Index, a gauge of future conditions, rose to 84.8 from 83.9 in April.
Economists in a consensus survey expected The Conference Board's gauge of U.S. consumer confidence to rise to 83 in May from 82.3 in the prior month.
Separately, the Richmond Federal Reserve said manufacturing conditions in its district were broadly unchanged in May. The Richmond Fed Index checked in at 7, versus the same reading in the prior month. The shipments indicator rose to 10 in May, up from 6 in the previous month, while revenues rebounded sharply—rising to 53 from -5.
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