India, May 27 -- A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of May.
The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April.
Economists had expected the consumer confidence index to inch up to 87.3 from the 86.0 originally reported for the previous month.
"The rebound was already visible before the May 12 US-China trade deal but gained momentum afterwards," said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board.
She added, "Consumers were less pessimistic about business conditions and job availability over the next six months and regained optimism abo...