The U.S. consumer confidence index increased to 102 in May, up from 97.5 in April, marking the first rise after three consecutive monthly declines, according to the Conference Board.

This exceeded economists’ expectations of a drop to 96.

The survey component reflecting current economic conditions improved to 143.1 from 140.6, and the expectations index for the next six months rose to 74.6 from 68.8, remaining below the recession threshold of 80 for the fourth month.

Despite steady economic growth and an estimated 3.5% annual GDP growth rate in Q2, 56% of Americans believe the country is in a recession, likely due to persistent high prices, Market Watch reported.

Dana Peterson of The Conference Board attributed the confidence boost to positive labor market perceptions.

Stock markets opened mixed, and the 10-year Treasury yield slightly decreased to 4.46%.

Written by B.C. Begley