December 27, 2012 11:30 AM, EST
Consumer Confidence Falls in December

Consumer confidence declined in December, the New York-based Conference Board said Thursday.

The group’s monthly index fell to a reading of 65.1 from 71.5 in November, a level that was lower than originally reported.

Economists had forecast a reading of 70, Bloomberg reported.

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