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Consumer confidence slipped this month, according to the monthly Thomson Reuters/University of Michigan consumer sentiment index released Friday.

The final index for the month showed a reading of 67.7, down from 68.2 in September. A preliminary reading two weeks ago showed a reading of 67.9.

Economists had forecast a reading of 68, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.