Consumer Confidence Declines

U.S. consumer confidence fell this month for the second straight month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for August fell to a reading of 63.2, the lowest since March, from 66 in July.

Economists had forecast the reading would rise to 69, Bloomberg reported.

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