Consumer Confidence Rises to Seven-Month High

Consumer confidence rose to a seven-month high in September, the New York-based Conference Board said Tuesday.

The group’s monthly index rose to a reading of 70.3, from 61.3 in August that was higher than originally reported.

Economists had forecast a reading of 63.1, Bloomberg reported.

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