Consumer Confidence Declines in November

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

The final index for the month fell to a 67.4 reading from 70.6 in October, the survey reported. It was higher than the preliminary reading of 66 released earlier in the month.

Economists had forecast the index to fall to a 67 reading, Bloomberg reported.

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