Consumer Confidence Unexpectedly Improves in July

Consumer confidence rose in July from an eight-month low in June, the New York-based Conference Board said Tuesday.

The group’s monthly index rose to a reading of 59.5, from a revised 57.6 in June that was lower than first reported.

Economists had forecast a decline to a reading of 56, Bloomberg reported.

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