US consumer sentiment most bullish in May

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WASHINGTON, May 26 (Xinhua): The US consumer confidence climbed in May to the highest level since October 2007 as households felt less pain at the pump, indicated the Thomson Reuters/University of Michigan final index of consumer sentiment released Friday.
The fresh reading of the index rose to 79.3 from 76.4 for the prior month, and more above last May's 74.3. The figure marked the ninth consecutive month of gains and came with the help of cheaper gasoline and an improving housing market.
The US national average regular gasoline price ran at 3.666 dollars per gallon Friday, nearly 20 cents lower than a month earlier, according to the American Automobile Association (AAA). The extra money saved at the pump may help consumers keep the spending that made up 70 per cent of the economy.
The record low mortgage rates in the past four weeks also made homes more affordable than ever. Many homeowners also took the chance to refinance their mortgages.
However, the sputtering job market recovery remained a headache. Thursday's fresh initial jobless claim number still hovered around 370,000, where it had been for a month.