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A month after hitting the highest level in two years, consumer confidence reached a one-year low, according to the latest Reuters/University of Michigan monthly consumer sentiment index released Friday.

The preliminary index for the month fell to a 66.5 reading — the highest since August — from 76 in June.

The readingwas lower than economists’ forecasts of a 74 reading, Bloomberg reported.

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