Consumers were more confident about the economy in July than they have been in at least six years, The Conference Board said Tuesday, as stock markets float near record highs and expectations build for the recovery.
The Conference Board’s Consumer Confidence Index rose to 90.9, above the prior month’s showing of 86.4. That was its highest level since October 2007, and well above economists’ expectations of an 85.3 reading, according to a consensus survey.
The Present Situation index jumped to 88.3 from 86.3, while the gauge of future expectations rose to 92.7 from 86.4. David Zervos, Jefferies’ chief market strategist, said the data were “fantastic news,” especially considering the halting pace of the recovery and stagnant wage growth among consumers.
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