Consumer confidence increased this month, according to the monthly Thomson Reuters/University of Michigan consumer sentiment index released Friday.
The preliminary index for the month showed a reading of 69.3, from 67.7 in September. Thomson Reuters releases a preliminary index and a final index each month.
Economists had forecast an increase to a reading of 69, Bloomberg reported.
An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.
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