Consumer Confidence Improves in May

U.S. consumer confidence grew this month, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for May increased to a 73.3 reading from a 72.2 level in April, the survey said.

The figure was slightly lower than economists' forecasts of a 73.5 reading, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.