Consumer Confidence Gains in April

Consumer confidence increased in April from a 16-month low, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for the month grew to a reading of 69.6, from 67.5 in March, which was the lowest level since November 2009.

The reading was lower than economists’ forecasts of a 68.8 reading, Bloomberg said.

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.