The index rose from a revised 86.4 in June.
“Obviously the 2.5 million jobs the economy racked up in the last year is making people, well, happy,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi.
“More Americans than at any time in the past six years viewed jobs as abundant and a greater share anticipated their incomes will increase, laying the groundwork for a pickup in consumer spending,” according to Bloomberg’s Nina Glinski, who has more here.
The Federal Reserve “announces its next policy decision at the conclusion of a two-day meeting (today). Investors will get a reading on second-quarter growth that same day, while the government’s labor report on Aug. 1 may show employers added 231,000 jobs this month,” Bloomberg’s Lu Wang reported.