Consumer Confidence Grows in November

Consumer confidence increased this month, according to the monthly Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for the month showed a reading of 69.3, from 67.7 in September. Thomson Reuters releases a preliminary index and a final index each month.

Economists had forecast an increase to a reading of 69, Bloomberg reported.

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