Consumer Confidence Falls in June

Consumer confidence fell in June, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for June declined to a reading of 71.8, from 74.3 in May. The reading will be revised at the end of the month.

The reading was below economists’ forecasts of a decline to 74, 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.