Consumer confidence improved in May after five straight months of declines as Americans grew more hopeful about prospects for a trade deal between the U.S. and China .

In preliminary readings for May, The Conference Board's Consumer Confidence Index increased by 12.3 to 98.0, up from 85.7 in April. The Present Situation Index — based on consumers’ assessment of current business and labor market conditions — rose 4.8 points to 135.9. The Expectations Index — based on consumers’ short-term outlook for income, business and labor market conditions — jumped 17.4 points to 72.8.

“The rebound was already visible before the May 12 U.S.-China trade deal but gained momentum afterwards,” said Stephanie Guichard, senior economist, global indicators at The Confere

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