Consumer Confidence Increases in April

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

The final index for the month hit a reading of 69.8, up from 67.5 in March, which had been the lowest level since November 2009.

The reading was slightly higher than a preliminary reading of 69.6 two weeks ago but below economists’ forecasts of a 70 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.