WASHINGTON -- U.S. consumer confidence has recovered to pre-recession levels, but it's unlikely to stay up for very long.
The University of Michigan said Friday that its index of consumer sentiment jumped to 84.5 at the end of May, from 76.4 in April. That's the highest reading since July 2007, just a few months before the Great Recession began, and in line with surveys by the Conference Board and others showing a similar rise.
The Michigan survey found upper-income households leading the way, as this group has benefited more from a rising stock market and higher home prices. Many also took note of the steady. if less than stellar, job gains.
"The overall mix of economic news recently heard by consumers was the most positive it has been in the past 10 years," said the survey statement.