Consumer Confidence Declines in November

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

The preliminary index for the month fell to a 66 reading from 70.6 in October, the survey reported.

Economists had forecast the index to rise to a 71 reading, Bloomberg reported.

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