Consumer confidence rose in April from a 16-month low, according to the Thomson Reuters/University of Michigan consumer sentiment index released Friday.
The final index for the month hit a reading of 69.8, up from 67.5 in March, which had been the lowest level since November 2009.
The reading was slightly higher than a preliminary reading of 69.6 two weeks ago but below economists’ forecasts of a 70 reading, 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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