U of Michigan Consumer Sentiment Index Jumps in May

U.S. consumer confidence (search) rose in early May, as Americans shrugged off fears of job losses and looked ahead to better economic times, according to a survey by the University of Michigan (search) Friday.

The University of Michigan's closely watched gauge of consumer confidence rose to 93.2 from April's 86.0, faring better than a forecast range of 82.0 to a high of 92.3, market sources said.

The survey's component index on consumers' current view on the economy fell to 94.1 in early May from April's 96.4, but its component on consumers' future expectations jumped sharply to 92.7 from April's 79.3, the sources said.

The most recent insights on consumer confidence have shown sentiment reversing course and declining again as domestic economic concerns return to the fore.

The ABC News/Money Magazine (search) 's survey for the week ended May 11, released on Tuesday, showed a third straight drop in sentiment.