Americans’ confidence in the economy rose to its highest level in more than five years, bolstered by hiring.

The Conference Board, a New York-based private research group, said Tuesday its consumer confidence index jumped to 81.4 in June. That’s the best reading since January 2008.

Consumers’ confidence in the economy is watched closely because their spending accounts for about 70 percent of U.S. economic activity.

The report also shows consumers have a more optimistic view of the job market in the next six months. Lynn Franco, with the Conference Board, said that “suggests the pace of growth is unlikely to slow in the short-term, and may even moderately pick up.”