The KBC Ireland/ESRI Consumer Sentiment Index reveals that June's reading was the highest since April 2008, suggesting that Irish consumers are slightly less nervous about the economic situation.
However, the report warns that the monthly increase is extreme and it could be at least partly reversed over the next month or two.
Today's large jump in consumer confidence - a 14 month high - has surprised the report's authors, Austin Hughes and David Duffy.
They point out that that last month, many people were taking the first hit in their pay packets from higher taxes and levies.
Mr Hughes and Mr Duffy attribute the improvement to an awareness of global green shoots, and some signs of stabilisation in domestic economic indicators - particularly in relation to the overall budgetary situation, and the rate of increase in unemployment.
While June's figure is exceptionally high, it is in line with an overall improvement in sentiment in Ireland and abroad over recent months, suggesting consumer confidence may have bottomed out.
However, the authors urge a cautious interpretation, saying the extreme improvement could be at least partly reversed in the next month or two.
Consumers remain nervous - they are just slightly less so - and are still fairly gloomy.
It may reflect a sense of relief that an economic apocalypse has been averted - and that they may not have entirely given up hope.
