Consumer Confidence Hits Three-Year High

Consumer confidence hit its highest level in three years in February, the New York-based Conference Board reported Tuesday.

The group’s monthly index grew to a 70.4 reading, the highest since February 2008, from a revised 64.8 in January that was higher than previously estimated.

The reading was higher than economists’ forecasts of a rise to a 65.5 reading, Bloomberg reported.

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