Consumer Confidence Falls to Six-Month Low

Consumer confidence fell in May to a six-month low, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a 60.8 reading from a revised 66 reading in April that was higher than first reported.

The May reading was below economists’ forecasts of a 66.6 reading, Bloomberg reported.

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