Consumer Confidence Rises in May

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

The final index for May increased to a 73.6 reading from a 72.2 level in April, the survey said.

The figure was higher than economists' forecasts of a 73.3 reading, Bloomberg reported. It was also higher than the preliminary index, which was 73.3.

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