Consumer Confidence Improves in December

U.S. consumer confidence improved in December for the first time in three months, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for the month rose to a 73.4 reading from 67.4 in November, the survey said.

Economists had forecast the index to rise to a 68.8 reading, Bloomberg reported.

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