U.S. consumer confidence rose to a nearly six-year high in July as consumers perceived improvements in business conditions and the labor market, Reuters reported.

The Conference Board, a nonprofit organization that conducts business management research, said its index of consumer sentiment rose to 112.6 in July, its highest reading since August 2001 and above an upwardly revised 105.3 in June.

“An improvement in business conditions and the job market has lifted consumers’ spirits in July,” said Lynn Franco, director of The Conference Board Consumer Research Center, in a press release.

Consumers were more upbeat about the job market, the Conference Board said. Consumers surveyed who said jobs were “plentiful” rose to 30.5 percent in July from 27.6 percent in June. Those who said jobs were “hard to get” declined to 18.4 percent from 20.5 percent.

Consumers’ expectations for the inflation rate 12 months from now slipped to 5.1 percent in July from a revised 5.4 percent in June.