Consumer Confidence Declines in August

Consumer confidence fell in August by the most in 10 months, the New York-based Confidence Board said Tuesday.

The group’s monthly index decreased to a reading of 60.6, from 65.4 in July, the biggest drop since October.

Economists had forecast a reading of 66, Bloomberg reported.

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