Consumer confidence in the United States improved significantly in May following a truce in the ongoing trade war between Washington and Beijing.
This marks a positive turn after five consecutive months of declining sentiment.
According to Reuters, the Conference Board, a global economic research group, reported on Tuesday that its consumer confidence index rose by 12.3 points to reach 98.0 in May.
This figure exceeded economists’ expectations, who had predicted a more modest increase to 87.0.
Reuters added that about half of the survey responses were collected after May 12, when the White House announced a temporary deal to reduce tariffs on Chinese imports from 145 per cent to 30 per cent for 90 days.