Consumer Sentiment Index Rises in July

The University of Michigan said Friday its preliminary July sentiment index rose to 90.3 from 89.7 last month, the third increase in the past four months.

If consumers are feeling confident about the economy, they could start spending more, which would increase the demand for trucking services.

A rising stock market, lower interest rates and tax cuts may also be boosting optimism, paving the way for stronger consumer spending and growth in coming months, analysts told Bloomberg.

Economists expected a reading of 91 for the preliminary July index, Bloomberg said.

The current conditions index, which reflects Americans' perception of their financial situation and whether it's a good time to make major purchases, rose to 102.1 from 94.7 in June.

The expectations index, based on optimism about the next one to five years, fell to 82.7 from 86.4 last month.

The preliminary survey is based on roughly 250 telephone interviews with Americans across the country on personal finances and business and buying conditions.

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