Figures released Tuesday by the U.S. Conference Board revealed that the Consumer Confidence Index rose in July to 121.1 to a 16-year high, despite analysts expecting a downward number.
Economists say the strong readings on consumer confidence are being bolstered by a healthy job market, with unemployment at a low 4.4 percent in June.
U.S. consumer sentiment recovered to near record levels in July after falling for two months in a row, according to a monthly survey released Tuesday. The cutoff date for the preliminary results was July 14.
A nutshell description of this report would be improving business conditions, improving jobs expectations and optimistic short-term outlook.
The Conference Board said the Present Situation Index increased from 143.9 to 147.8, while the Expectations Index rose from 99.6 last month to 103.3.
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Consumers found the current environment to be improving. The share of those who called conditions "bad" held steady at 13.5 percent. The proportion of those anticipating worsening conditions fell 1.8 points to 8.2 percent.
The proportion expecting more jobs in the months ahead was unchanged at 19.2%.
The percentage of consumers expecting an improvement in their income declined moderately from 20.9% to 20.0%.
Consumer confidence increased in July following a marginal decline in June.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, "Overall, consumers foresee the current economic expansion continuing well into the second half of this year".
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