Consumer Confidence Slips from Six-Month High

Consumer confidence slipped from a six-month high this month, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The index declined to a reading of 72.7, from 74.5 in December. Economists had forecast an increase to 75.5, Bloomberg reported.

The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.

The preliminary reading was the first of two monthly reports; the final reading will be issued at the end of the month.

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