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Consumer confidence hit its highest level in eight months in January, the New York-based Conference Board reported Tuesday.

The group’s monthly index grew to a 60.6 reading, from a revised 53.3 in December that was higher than previously estimated.

Theading was higher than economists’ forecasts of a rise to a 54 reading, Bloomberg reported.

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