It was a surprise to Wall Street, and just about everybody else, when the Conference Board released its Consumer Confidence Index report for May this morning. Now registering 54.9, the index saw its biggest one month increase in six years and highest level since September.
The report sent the market soaring nearly 200 points, but more importantly it also contained news that the number of consumers expecting to buy a car in the next six months rose to its highest level since April 2008. The report also cautioned that home prices continue to decline and unemployment remains high.
That said, might the GM and Chrysler bailouts get done in time to take advantage of an uptick in the economy. Or are they just going to limp along while stronger competitor take advantage?
AutoObserver: Consumer Car-Buying Intent Rises with Confidence
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