Consumer Confidence Jumps to Five-Year High

Consumer confidence rose to a five-year high in May, the New York-based Conference Board said Tuesday.

The group’s monthly index rose to a reading of 76.2, the highest since February 2008, the group said.

The reading was well above economists’ median forecast of a 71.2 reading, Bloomberg News reported.

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