Consumer Sentiment Index Rises in July

U.S. consumer confidence rose this month for the first time in five months, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The final index for July fell to a reading of 66 after a 70.8 in June, which was the fifth consecutive month of increases.

It was higher than this month's preliminary reading of 64.6.

Economists had forecast a reading final of 65, Bloomberg reported.

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