Consumer Confidence Slips in October

Consumer confidence slipped in October, according to the monthly Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The preliminary index for the month fell to a 67.9 reading, the lowest since July, from 68.2 in September.

Economists had predicted a reading between 64.4 and 73.5, Bloomberg reported.

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