Consumer Confidence Improves

U.S. consumer confidence rose this month for the fourth consecutive time, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for June rose to a reading of 69, from 68.7 last month. It is the highest level in nine months.

Economists had forecast a reading of 69.5, Reuters reported.

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