Consumer Confidence Falls in July

Consumer confidence fell this month to the lowest level since November, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for the month dropped to a 67.8 reading, from 76 in June.

The reading was slightly higher than economists’ forecasts of a 67 reading, Bloomberg reported. The preliminary reading was 66.5.

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