Consumer sentiment rose to its highest level in nearly six years in early May, especially in upper-income households, according to a survey released on Friday.
The Thomson Reuters/University of Michigan’s index on consumer sentiment climbed to 83.7 from 76.4 in April, besting economists’ expectations of 78, Reuters said.
This is the highest number since July 2007.
Stock index futures were up on Friday morning ahead of the report. Futures on the Dow Jones Industrial Average rose 0.26 percent, 0.10 percent on the Standard & Poor’s 500 Index, and 0.16 percent on the Nasdaq 100 Index.
“Equity market performance remains strong, with both the Dow and the S&P 500 continuing to move around record highs,” Credit Agricole said in a note. “At the same time, gasoline prices have eased. Together, these factors should be supportive for overall consumer sentiment.”