Consumer Confidence Slips, Conference Board Reports

Consumer confidence declined this month, the New York-based Conference Board reported Tuesday.

The group’s monthly index fell to a 52.5 reading, from a revised 54.3 in November that was slightly higher than first reported.

The reading was economists’ forecasts of a rise to a 56.3 reading, Bloomberg reported.

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