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Consumer confidence improved in June to the highest level in more than two years, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for the month rose to ding of 75.5, the highest since January 2008, from 73.6 in May.

The reading was higher than economists’ forecasts of a 74.5 reading, Bloomberg reported.

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