Consumer Confidence in May advanced to the highest level since 2008 (where we were still collapsing from the financial crisis) on the back of an improved labor market. The Conference Board’s confidence index advanced to 63.3 from a downward revision of 57.7 the previous month, exceeding economists’ expectations of 58.5.

Taking a look at the breakdown of the report, the labor differential came in at -39.0 which was the highest since a year ago, while the conference board’s measure...