After several months of decline -- and two months of predicting contraction in the short-term -- our Accountants Confidence Index sharply rebounded.

The ACI, published in partnership with ADP, is a monthly economic indicator that leverages the insights of accountants into the strength and prospects of businesses in the U.S. The 3-Month ACI rose above the 50 mark that separates growth from contraction, coming in at 51.39, up from 49.06 last month, while the 6-Month ACI hit 53.39, well up from 50.96.

The index components all rose, with particularly significant jump in respondents' expectations for the growth prospects of their large-business clients, which were up four points in both the short- and the mid-term.

The ACI is created from a monthly poll of the Accounting Today Executive Research Council, an online community of more than 1,500 tax and accounting professionals.