Consumer Confidence Rises 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 Wednesday.

The final index for the month rose to a 72.5 reading from 67.4 in November, the survey said.

The figure was lower than the prelimiary 73.4 reading, reported earlier in the month, Bloomberg said.

Economists had forecast the index to rise to a 73.8 reading, Bloomberg reported.

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