Consumer Confidence Hits Six-Month High

Consumer confidence rose to a six-month high this month, according to the preliminary monthly Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The index rose to a reading of 74.2, from 71.6 in November. Economists had forecast a reading of 72.5, Bloomberg reported.

The final index will be released later in the month. An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.