Consumer confidence rose to 76.2 in May, the highest level since February 2008. This represents a 7.2 point increase from its 69.0 level in April 2013.
Consumer spending makes up more than 70 percent of GDP in the U.S., so that consumer confidence and expectations are an extremely important indicator of future economic growth. Consumer confidence had plunged below 30 in early 2009, the lowest level since the Conference Board began measuring it. Since then, confidence has generally been trending upward, although there is considerable variability in confidence values from month to month.