Americans’ views of the economy improved in May after five straight months of declines largely driven by anxiety over the impact of President Donald Trump’s tariffs.

The Conference Board said Tuesday that its consumer confidence index rose 12.3 points in May to 98, up from April’s 85.7, its lowest reading since May 2020.

A measure of Americans’ short-term expectations for their income, business conditions and the job market jumped 17.4 points to 72.8, but remained below 80, which can signal a recession ahead.

The proportion of consumers surveyed saying they think a U.S. recession is coming in the next 12 months also declined from April.

Trump’s aggressive and unpredictable policies — including massive import taxes — have clouded the outlook for the economy and the job market, raising fears that the American economy is headed toward a recession.

Over the Memorial Day holiday weekend, Trump and European Union leaders announced that the president’s 50% tariff on imports from the EU, which he announced Friday, are on hold until July 9. That announcement would not have impacted the Board’s survey, which closed on May 19.

The Conference Board said the rebound in confidence this month was broad-based across all ages and income groups.

Consumers’ assessments of the present economic situation also improved, with the exception of their view on job availability, which weakened for the fifth straight month despite another strong U.S. jobs report.

However, less than 25% of respondents said they were worried about losing their jobs, compared with the 50% of respondents who said they were concerned about not being able to buy the things they need or want.

The Board’s survey Tuesday also showed that Americans’ plans to spend on homes, cars and vacations also increased from April, with significant gains coming after the May 12 China tariff pause.

— Associated Press

Trump Media to raise $2.5B for bitcoin stake

Trump Media & Technology Group, the parent company of Truth Social, said Tuesday that it would raise $2.5 billion from institutional investors to invest in bitcoin, continuing its transformation from a social media company into a financial services and cryptocurrency play.

Trump Media, whose largest shareholder is President Donald Trump, said it would raise $1.5 billion from about 50 institutional investors by selling roughly 58 million shares. The company is planning to raise an additional $1 billion from the sale of bonds that can also be converted into shares at a later date.

The announcement came as the president and his family have become more involved in a number of crypto companies. Trump owns a little more than 50% of Trump Media’s stock, making his roughly $2.7 billion stake one of his most valuable investments.

The sale of the new shares will potentially dilute the value of Trump Media’s stock, including the 115 million shares that Trump owns. The president’s shares are held in a trust managed by his eldest son, Donald Trump Jr., who also is a Trump Media board member.

As part of the deal, which could close as soon as Thursday, the shares will be sold at $25.72.

Shares of Trump Media were down more than 10% at the close of trading Tuesday. The stock is down 31% for the year.

Tesla sales drop across Europe

Tesla sales across Europe plunged by half last month even as growth in the electric car market picked up pace, according to data released Tuesday.

The numbers are the latest indication of how much the Tesla brand is suffering because of the backlash against billionaire CEO Elon Musk over his far-right views.

Sales of Tesla vehicles in 32 European countries tumbled 49% to 7,261 in April from 14,228 in the same month the previous year, according to the figures released by the European Automobile Manufacturers’ Association, or ACEA.

At the same time, sales of battery-electric vehicles by all manufacturers rose about 28%. Meanwhile, sales of gasoline and diesel powered cars slumped.

— From news services