Consumer Confidence Declines

U.S. consumer confidence declined this month, according to the preliminary Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index fell to a 69.4 reading from 73.5 in September, the survey reported.

Economists had forecast a decline to 73.3, Bloomberg reported.

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

The final index for October will be released in two weeks.