The Conference Board announced on Tuesday its U.S. consumer confidence gauge rose 11.4 points to 135.7 in July from 124.3 in June.

Economists had expected consumer confidence to come in at 125.

June’s consumer confidence reading was revised up from originally estimated 121.5.

The survey showed that the expectations surged from 97.6 last month to 112.2 this month, while the present situation index increased from 164.3 to 170.9.

Lynn Franco, Senior Director of Economic Indicators at The Conference Board, noted, “After a sharp decline in June, driven by an escalation in trade and tariff tensions, Consumer Confidence rebounded in July to its highest level this year. Consumers are once again optimistic about current and prospective business and labor market conditions. In addition, their expectations regarding their financial outlook also improved. These high levels of confidence should continue to support robust spending in the near-term despite slower growth in GDP.”