U.S. consumer confidence remains at its highest level in 17 months in July

WASHINGTON (Reuters) – U.S. consumer confidence hovered to a 17-month high in July, suggesting the economy maintained strong growth at the start of the third quarter.

The Conference Board said on Tuesday that its consumer confidence index was little changed to 129.1 this month, the highest level since February 2020. Economists polled by Reuters expected the index to drop to 123.9. The survey puts more emphasis on the labor market.

“Consumer ratings of current conditions have remained stable, suggesting that economic growth in the third quarter is off to a good start,” said Lynn Franco, senior director of economic indicators at the Conference Board. “Consumer optimism about the near-term outlook has not abated, and they have continued to expect business conditions, jobs and personal financial prospects to improve.”

(Reporting by Lucia Mutikani, editing by William Maclean)