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US consumer confidence jumps more than expected in May

Consumer confidence in the U.S. jumped more than expected in May as sentiment on current and future business and labor market conditions improved, survey data from the Conference Board showed.

The consumer confidence index climbed to 134.1 in May from 129.2 recorded in the previous month, surpassing the Econoday consensus estimate of 129.9.

The present situation index, which captures current business and labor market conditions, rose to 175.2 from 169.0 in the prior month, driven primarily by employment gains.

The expectations index, which also factors in income prospects, for May improved to 106.6 from 102.7 in April. Short-term prospects for business conditions and employment improved, but consumer sentiment regarding income was mixed.

"Consumers expect the economy to continue growing at a solid pace in the short-term, and despite weak retail sales in April, these high levels of confidence suggest no significant pullback in consumer spending in the months ahead," said Lynn Franco, senior director of economic indicators at the Conference Board.