Consumer Confidence Reaches Highest Since 2007

Consumer confidence rose in May to the highest level in nearly five years, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The final index for the month rose to reading of 79.3, the highest since October 2007, from 76.4 in April.

Economists had predicted the May reading would hold at 77.8, a preliminary reading issued two weeks ago, Bloomberg reported.