The economic forecast is looking sprightly according to Americans, as consumer confidence in July hit its highest level since October 2007. On Tuesday, the Conference Board announced that the U.S. consumer confidence index jumped to 90.9 in July, up from a revised 86.4 in June, landing at the highest level in seven years.
So why are Americans feeling so optimistic? According to the report, an improved economic growth and an upturn in hiring have consumers feeling confident with their current financial state.
“Strong job growth helped boost consumers’ assessment of current conditions, while brighter short-term outlooks for the economy and jobs, and to a lesser extent personal income, drove the gain in expectations,” says Lynn Franco, director of economic indicators at board.
Experts predict that this growth in confidence will continue through the second half of the year, with most economists predicting a growth of more than 3 percent in both the third and fourth quarters.