Luke Sharrett/Bloomberg News
Confidence among U.S. consumers soared in July to the highest level in almost seven years on the heels of a strengthening labor market.
The Conference Board’s index rose to 90.9, the highest since October 2007, from a revised 86.4 in June, according to the New York-based private research group. Economists in a Bloomberg News survey projected a reading of 85.4 for the month.
“Stronger job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement. The figures “suggest the recent strengthening in growth is likely to continue into the second half of this year.”