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Consumer confidence rebounds in May

Tuesday, May 31, 2005 | 10:54 a.m.

NEW YORK -- Consumer confidence unexpectedly rebounded in May after declining in April, as worries about the economy and jobs eased, a private research group said today. But another closely watched report that tracks Midwestern manufacturing activity dropped in May, spooking Wall Street.

The Conference Board said that its Consumer Confidence Index rose to 102.2 from a revised 97.5 in April. The reading was much better than the 96 that analysts had expected, which would have been a decline from the original April reading of 97.7.

The consumer confidence index is now at the highest level since it reached 103 in March.

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