CONSUMER CONFIDENCE JUMPS IN MAY, DEFYING TRADE WAR GLOOM

Consumer confidence took a leg upward in May, despite forecasts for a more anemic reading as the trade battle between the U.S. and China weathers on. Yahoo Finance reports:
Consumers remain optimistic in the face of a volatile market and a widening trade dispute between the U.S. and China, according to new data from The Conference Board, which rose unexpectedly in May.
The Conference Board’s Consumer Confidence Index, a key metric of consumers’ willingness to keep spending, jumped to 134.1, up from April’s reading of 129.2. A consensus forecast of economists polled by Bloomberg saw the index rising to 130, up from the prior reading of 129.2.
“Consumer Confidence posted another gain in May and is now back to levels seen last Fall when the Index was hovering near 18-year highs,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

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