Consumer Confidence Hits Highest Level in Two Years

Consumer confidence rose this month to the highest level in more than two years, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for the month rose to a 76 reading — the highest since January 2008 — from 73.6 in May.

The reading was higher than economists’ forecasts of a 75.5 reading, Bloomberg reported.

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