Consumer Confidence Falls Slightly

Consumer confidence slipped in January from a six-month high in December, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The final index for the month fell to a reading of 74.2, from 74.5 December, but topped an earlier estimate this month of a 72.7 reading.

Economists had forecast a 73.3 reading, 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.