Consumer Confidence Falls in July to 5-Month Low

Consumer confidence declined this month to its lowest level in five months, the New York-based Conference Board said Tuesday.

The group’s index fell to a reading of 50.4 reading, from a revised 54.3 in June that was higher than first reported.

The reading was below economists’ forecasts of a 51 reading, Bloomberg reported.

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