2017.07.2511:09:00UTC+00U.S. Consumer Confidence Unexpectedly Improves In July

Consumer confidence in the U.S. unexpectedly improved in the month of July, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index climbed to 121.1 in July from a revised 117.3 in June. Economists had expected the index to drop to 117.0 from the 118.9 originally reported for the previous month.

"Consumer confidence increased in July following a marginal decline in June," said Lynn Franco, Director of Economic Indicators at The Conference Board. "Consumers' assessment of current conditions remained at a 16-year high and their expectations for the short-term outlook improved somewhat after cooling last month."

She added, "Overall, consumers foresee the current economic expansion continuing well into the second half of this year."

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.