Consumer confidence near 6-year high

The Conference Board's index rallies in July, indicating economic momentum in coming months.


NEW YORK (CNNMoney.com) -- Consumer confidence rebounded in July, reaching the highest level in nearly six years as consumers were less pessimistic about the job market and their short-term business outlook, according to research reported by The Conference Board Tuesday.

The Conference Board Consumer Confidence Index currently stands at 112.6, up from 105.3 in June, based on a survey of a representative sample of 5,000 U.S. households conducted by TNS, a custom research company.

In August 2001, the consumer confidence index reached 114.0.

"An improvement in business conditions and the job market has lifted consumers' spirits in July," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. "This rebound in confidence suggests economic activity may gather a little momentum in the coming months."

The consumer confidence index reading exceeded economists' expectations, which were a median 105.0 according to Reuters estimates.

The Present Situation Index also neared six-year high, increasing to 139.2 from 129.9 in June. In August 2001, the Present Situation Index reached 144.5.  Top of page

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