US consumer confidence hits 5-year high in May

WASHINGTON: Consumer confidence in the United States rose in May to a five-year high, with expectations of an improved economy jumping after a fall tied to fiscal tightening, the Conference Board said Tuesday.

The index pushed to 76.2 this month, compared to a revised 69.0 in April. The expectations index surged to 82.4 from 74.3 in April.

"Back-to-back monthly gains suggest that consumer confidence is on the mend and may be regaining the traction it lost due to the fiscal cliff, payroll tax hike and sequester," said Lynn Franco, the Conference Board's director of economic indicators.