Consumer Confidence Falls From 3-Year High

Consumer confidence fell this month from a three-year high in February, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for March declined to a reading of 68.2, from 77.5 in February. The reading will be revised at the end of the month.

The reading was below economists’ forecasts of a decline to 76.3, Bloomberg reported.

The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.

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