July 31, 2012 10:20 AM, EDT

Consumer Confidence Increases in July

Consumer confidence rose for the first time in five months, the New York-based Confidence Board said Tuesday.

The group’s monthly index rose to a reading of 65.9, from 62.7 in June.

Economists had forecast a reading of 61.5, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.