Consumer Confidence Rises in May

Consumer confidence grew this month to its highest level since March 2008, the New York-based Conference Board reported.

The index increased to a reading of 63.3 in May from 57.7 in April. The April reading was revised down from an originally reported 57.9.

The reading was higher than economists’ forecasts of a 58.5 reading, Reuters reported.

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