Consumer Confidence Falls to Four-Month Low

Consumer confidence fell to a four-month low in May, the New York-based Conference Board said.

The group’s monthly index declined to a reading of 64.9, from a revised 68.7 in April that was lower than originally reported.

Economists had forecast a reading of 69.6, Bloomberg reported.

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