Wells Fargo Reports: Consumer Confidence Rises to Highest Levels Since March 2008

The Wells Fargo Economics Group reported today that the Consumer Confidence Index rose 5.6 points in May to 63.3, its highest reading since March 2008.

"Concerns about employment prospects are subsiding a bit and buying plans for automobiles have increased."

"So far, consumers seem far less concerned by the European economic crisis and related stock market turmoil that has developed over the past month. The Conference Board’s Consumer Confidence Index rose 5.6 points in May, with both the present situation and expectations series rising during the month. Consumer confidence has now risen for three consecutive months and the uptrend looks similar to what occurred during the early stages of the past two recoveries."

"The percentage of consumers reporting that jobs were hard to get fell for the third month in a row and has fallen during seven of the past eight months. Layoff announcements and weekly first-time unemployment claims have generally declined during this period. Hiring has been slower to turn up, however."