The Conference Board Consumer Confidence Index, which had decreased slightly in July, increased in August. The Index now stands at 101.1, compared to 96.7 in July. Consumers’ appraisal of current conditions improved in August. Those stating business conditions are “good” increased from 27.3% to 30.0%, while those saying business conditions are “bad” remained virtually unchanged at 18.4%. Consumers’ assessment of the labor market was also more favorable.
“Consumer confidence improved in August to its highest level in nearly a year, after a marginal decline in July,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month. Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months.”