Consumer Confidence Drops in February

U.S. consumer confidence fell in February, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for the month dropped to a 73.6 reading from 74.4 in January, the survey said.

The figure was slightly lower than the prelimiary 73.7 reading, reported earlier in the month, Bloomberg said.

Economists had forecast the index to fall to a 73.9 reading, Bloomberg reported.

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