America’s sunny consumers

For America’s consumers, the lowest unemployment rate in nearly 50 years outweighs by far alarming headlines over the U.S. trade war with China and volatile days on the stock market. The Conference Board’s consumer confidence index rose in May to 134.1, up from 129.2 in April and the highest reading since

November. The index comprises Americans’ assessment of current economic conditions and their outlook for the next six months. Both rose in May, and the evaluation of today’s economy hit the highest level since December 2000.

The explanation is simple. The American jobs machine is humming. The unemployment rate in April came in at 3.6%, lowest since December 1969. In the Conference Board survey, 47.2% said that jobs were “plentiful,’’ most since January 2001.

Consumers downplayed worries about an escalating trade war with China, the world’s second-biggest economy. Trade tensions have weighed heavily on the American stock market this month.

Americans seemed to be a little wary in April when retail sales dropped slightly. But the May consumer confidence reading suggests their spending is likely to resume.