Istanbul

ISTANBUL

US consumer confidence increased strongly in July from the previous month, according to the New York-based The Conference Board on Tuesday.

The consumer confidence index, a leading indicator of consumer spending and economic activity, rose 2.5 points to 100.3 in July.

The index, meanwhile, was slightly higher than expectations of 99.7.

The figure for June was significantly revised down to 97.8 from 100.4.

"Compared to last month, consumers were somewhat less pessimistic about the future," said Dana Peterson, chief economist at The Conference Board. "Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year."

"Expectations for future income improved slightly, but consumers remained generally negative about business and employment conditions ahead. Meanwhile, consumers were a bit less positive about current labor and business conditions," she added.

Average 12-month inflation expectations remained unchanged at 5.4%, compared to the previous month.