Consumer Confidence Declines

Consumer confidence declined in November, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The month’s preliminary index fell to a reading of 74.5 from 82.7 in November. The final index for December will be released at the end of the month.

Economists had forecast an 82 reading, Bloomberg reported.

The index averaged 89 in the five years leading up to the 18-month economic recession that began in December 2007.

The survey’s index of current conditions asks Americans if they are better off than they were a year ago and if it is a good time to buy big-ticket items.