Consumer Confidence Slips Slightly in August

U.S. consumer confidence slipped slightly in August from July but improved from an earlier forecast this month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for August was 65.7, down from 66 in July but up from a preliminary reading of 63.2 two weeks ago, which had been the lowest reading since March.

The level topped economists’ forecasts of a 64 reading, Bloomberg reported.

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