January 29, 2013 10:15 AM, EST

Consumer Confidence Drops in January

Consumer confidence dropped in January, the New York-based Conference Board said Tuesday.

The group’s monthly index fell to a reading of 58.6, the weakest since November 2011, from a revised 66.7 in December that was higher than originally reported.

Economists had forecast a reading of 64, Bloomberg reported.

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