Investing.com - U.S. consumer confidence improved unexpectedly in July to hit the highest level since October 2007, underlining optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 90.9 this month from a reading of 86.4 in June, whose figure was revised up from a previously reported 85.2. Analysts expected the index to decline to 85.3 in July.
The Present Situation Index increased to 88.3 from 86.3, while the Expectations Index rose to 92.7 from 86.4 in June.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Strong job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations.”
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.17% to trade at 1.3416.
Meanwhile, U.S. equity markets were higher after the open. The Dow rose 0.35%, the S&P 500 inched up 0.25%, while the NASDAQ tacked on 0.25%.