Consumer Confidence Highest Since September

U.S. consumer confidence has improved to the highest level since September, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for May rose to a reading of 68.7, from 65.1 last month. The preliminary reading was 67.9.

Economists had forecast a reading of 68, Reuters reported.

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