Consumer Confidence Hits Five-Month High

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

The final index for the month showed a reading of 71.6, up from 67.7 in October. It is also an increase over the preliminary index of 69.3.

Economists had forecast a reading of 69.5, Bloomberg reported.

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