Consumer Confidence Level Falls

U.S. consumer confidence held fell this month to its lowest level in five months, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final preliminary for April fell to a 69.5 reading from a 73.6 level in March, the survey said.

The figure was lower than economists’ forecasts of an increase to a 75 reading, Bloomberg reported.

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