6/17/2011 10:30:00 AM
Consumer confidence fell in June, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.
The preliminary index for June declined to a reading of 71.8, from 74.3 in May. The reading will be revised at the end of the month.
The reading was below economistsâ€™ forecasts of a decline to 74, Bloomberg reported.
The index averaged a reading of 89 in the five years leading up to the recession at the end of 2007.
An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.
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