Gallup's U.S. Economic Confidence Index rose to -14 in May, its highest level for 2014 and up from -17 in April.

However, the index remains far below the -7 level of May 2013, its highest recording since Gallup began the measure in 2008.

The index comprises the average of two metrics: Americans' views of the current economic situation and their views of whether the economy is improving or deteriorating.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

Last month, 20 percent of the 15,726 U.S. adults polled deemed the economy "excellent" or "good," and 34 percent viewed it as poor. That created a current conditions score of -14.

At the same time, 40 percent of Americans said the economy is "getting better," while 54 percent said it is "getting worse." That produced an economic outlook score of -14.

"All in all, May's two-point gain in Gallup's economic confidence reading lends credence to the idea that confidence is stable and gradually improving," writes Gallup's Justin McCarthy.

"Given the propensity of economic confidence since the Great Recession to fall whenever it approaches the neutral mark, any improvement — or even stability — is positive."

Meanwhile, the Conference Board's consumer confidence index advanced to 83 in May from 81.7 in April. The May reading was the second highest since 2008.

"Rising home prices certainly are making households feel better. And higher net wealth with rising equity portfolios — those things are helping households feel healthier," Joe LaVorgna, chief U.S. economist at Deutsche Bank Securities, tells Bloomberg.

Furthermore, "the labor market is better," he adds.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

Related Stories:

• Study: US Remains No. 1 in Attractiveness to Foreign Investors
• CNNMoney: Most Americans Feel No Economic Recovery