NEW YORK – The index of US leading economic indicators climbed more than forecast in July, and consumer confidence unexpectedly improved this month, signs of sustained expansion in the world's largest economy. The Conference Board's gauge of the outlook for the next three to six months increased 0.4 percent, the biggest gain since February, after a revised 0.4 percent drop in June, the New York-based group said today. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment increased to 73.6, the highest level since May, from 72.3 in July. The US leading indicator gauge was projected to rise 0.2 percent. An improving housing market and fewer firings contributed to the advance in the leading index and may also be boosting confidence, raising the odds that consumer spending will keep advancing after retail sales rose more than forecast last month. At the same time, a rebound in gasoline prices and lingering concerns about Europe and looming changes to US fiscal policy may prevent the recovery from gaining speed. – Agencies
