Slowing job losses and the recovering stock market helped boost consumer confidence this month, Business Week reported.

The Reuters/University of Michigan final index of consumer sentiment rose to 72.5 from 67.4 in November. It was the first rise in confidence in three months, Business Week said A preliminary report Dec. 11 had put the index at 73.4.

If consumers feel positive about the economy, they are more likely to spend, an important factor in economic recovery. Consumer spending accounts for about 70 percent of the economy, Business Week said.