Consumer Confidence Declines

U.S. consumer confidence fell this month, but was higher than previously estimated, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for April fell to a 72.2 reading from a 73.6 level in March, the survey said.

The figure was higher than economists' forecasts of a 71 reading, Bloomberg reported. It was also higher than the previous index for April, which was 69.5.

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