Consumer Confidence Declines in October

U.S. consumer confidence declined this month, according to the final Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for the month fell to a 70.6 reading from 73.5 in September, the survey reported. The reading was higher than a 69.4 preliminary figure released two weeks ago.

The level was about in line with economists’ forecasts of a 70 reading, Bloomberg reported.

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