Consumer Sentiment Index Rises in June

U.S. consumer confidence rose this month for the fourth consecutive time in June, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for June rose to a reading of 70.8, the highest reading since February 2008, from 68.7 last month.

It was also higher than the preliminary reading earlier this month of 69.

Economists had forecast a reading final of 69, Bloomberg reported.

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