#USConsumerConfidence The Michigan Consumer Confidence Index, a key measure of consumer sentiment, came in lower than expected in its latest release.

The index, compiled by the University of Michigan, came in at 71.1, below the 73.2 forecast.

Not only did the latest figure miss expectations, it was also down from the previous reading of 74.0, indicating a slight decline in consumer optimism about current and future economic conditions.

The index, which surveys about 500 consumers, serves as a barometer of the health of the economy, as consumer spending accounts for a significant portion of economic activity.