Consumers were feeling a bit more optimistic than expected in July, as a key economic indicator held gains from June, according to a survey released on Tuesday.
The Consumer Confidence Index hit 97.3 in July, The Conference Board said. Economists expected consumer confidence to fall to 95.8 in July, according to a Thomson Reuters consensus estimate.
June's consumer confidence reading was revised down to to 97.4 from 98.
The survey, a closely followed barometer of consumer attitudes, measures sentiment toward business conditions, short-term outlook, personal finances and jobs.
"Consumers were slightly more positive about current business and labor market conditions, suggesting the economy will continue to expand at a moderate pace," Lynn Franco, director of economic indicators at The Conference Board, said in a statement. "Expectations regarding business and labor market conditions, as well as personal income prospects, declined slightly as consumers remain cautiously optimistic about growth in the near-term."