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Consumer confidence fell in June to a seven-month low, the New York-based Conference Board said Tuesday.

The research group’s monthly index fell to a 58.5 reading from a revised 61.7 reading in May that was higher than first reported.

The June reading was below economistsâforecasts of a 61 reading, Bloomberg reported.

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