Friday’s data echo a separate report earlier this week showing Americans were the most confident in five years.
According to the University of Michigan report, a gauge of consumers’ views on current economic conditions rose to 98 in May from 89.9 in April. Meanwhile, a barometer of their expectations increased to 75.8 from 67.8.
Elsewhere Friday, the U.S. Department of Commerce reported that consumer spending slowed down last month. But looking longer term, consumers and spending have held up better than economists had anticipated, given higher payroll taxes and fiscal uncertainty this year.
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