After dipping in April, the Accountants Confidence Index bounced up in May, with both the short-term and mid-term measurements rising.

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 came in at 52.86, up from the previous month's 51.18. The 6-Month ACI, meanwhile, hit 55.86, back up from last month's 53.93.

Our respondents continued to expect lower growth in the short term for their own firms, but otherwise their expectations were relatively positive, with most of the index components on the rise, and almost two-point jump in their forecasts for their own mid-term growth.

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.