The Conference Board’s consumer confidence index increased in May, following a modest decline in April. The index rose to a reading of 128.0 (1985=100) from 125.6 in April.

“Consumers’ assessment of current conditions increased to a 17-year high (March 2001, 167.5), suggesting that the level of economic growth in Q2 is likely to have improved from Q1,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ short-term expectations improved modestly, suggesting that the pace of growth over the coming months is not likely to gain any significant momentum. Overall, confidence levels remain at historically strong levels and should continue to support solid consumer spending in the near-term.”

Consumers’ outlook for the labor market was mixed. The proportion expecting more jobs in the months ahead increased to 19.7% from 18.6%, while those anticipating fewer jobs also increased to 13.9% from 13.2%.

The number of consumers stating that jobs were “plentiful” increased to 42.4% in April from 38.2% in April, while those claiming jobs are “hard to get” also increased to 15.8% from 15.5%.