The Consumer Confidence Index rose in July to 121.1 to a 16-year high, despite expectations for a drop, The Conference Board announced.
CNBC reported that economists polled by Reuters forecast the major indicator of consumer optimism to decline to 116.5 in July. Instead, consumer confidence remains at the highest level since July 2001.
“Consumers foresee the current economic expansion continuing well into the second half of this year,” Lynn Franco, The Conference Board’s director of economic indicators, said in a statement.
The Consumer Confidence Index beat expectations last month as well. In July, consumers said jobs were even more “plentiful” than last month’s report, up to 34.1 percent from 32 percent, while also saying jobs were not as “hard to get.”
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