WASHINGTON -- U.S. consumers are more confident about the economy than they have been in nearly seven years.
The Conference Board said Tuesday that its confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. The July reading is the highest since October 2007, two months before the Great Recession officially began.
It was the third straight increase in the index. Economists said that strong job growth has helped boost consumers’ assessment of current conditions and also improved their outlook on jobs and the economy.
"Americans felt a heck of a lot more confident in July," said Jennifer Lee, senior economist at BMO Capital Markets. She said that part of the confidence boost likely came from declining gas prices.
Conference Board economist Lynn Franco said that the improvements in consumers’ confidence and expectations about the future indicate that the recent strengthening in overall economic growth should continue in the second half of the year.