US consumer confidence rose significantly in May to 98 from April's low of 85.7, its lowest since May 2020. This rebound, driven by a decrease in anxiety over President Trump's tariffs following rollbacks and trade deals with China and the UK, is seen across age and income groups. While short-term economic expectations improved, concerns about inflation and potential job losses remain. Economists warn that the optimism might be short-lived as tariff-driven price increases are expected in the coming months.

Prepared by Christopher Adams and reviewed by editorial team.