Consumer Confidence Improves in August

Consumer confidence improved in August, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for the month rose to a 69.6 reading, from 67.8 reading in July that had been the lowest since November.

The reading was slightly higher than economists’ forecasts of a 69 reading, Bloomberg reported.

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