Consumer Confidence Gains in July

U.S. consumer confidence rose this month, the New York-based Conference Board said Tuesday.

The index climbed to a 112.6 reading from last month’s revised 105.39 reading, the group said.

The index averaged 105.9 last year, and economists had forecast a June reading of 105, Bloomberg reported.

The survey’s present-conditions index rose to 139.2 from 129.9, while a gauge of expectations for the next six months rose to 94.8 from 88.8.

The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.

Every month the Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.