Consumer confidence increased in May, results of the Conference Board’s much-watched Consumer Confidence Index released Tuesday reveal.

At 98.0, the May index is up 12.3 points from the previous month’s level and just two points shy of the benchmark of 100.0. The improvement in consumer confidence was broad-based, spanning all age, income, and political affiliation groups.

An index of consumers’ assessment of current business and labor market conditions also improved, increasing 4.8 points to 135.9.

The most significant improvement was in the index for consumer expectations, which the Conference Board says “surged 17.4 points to 72.8.” While the Expectations Index remained below the benchmark threshold of 80.0, all three components – expectations for income, business and the labor market – improved from the previous month.

The improvement in consumer confidence began before the U.S.-China trade deal, which averted the “reciprocal tariffs” President Donald Trump had threated to impose on Chinese goods, and intensified after the deal’s announcement on May 12.

Compared to April, more consumers reported plans to purchase a wide range of both small and big ticket items, including: