Consumer confidence rose for the fourth consecutive month in August as consumers remained optimistic about current economic conditions and job prospects.
The Conference Board's Consumer Confidence Index is now at 92.4, up from 90.3 in July. Of the two components, the present situation index rose to 94.6 from 87.9, while the expectations index dipped to 90.9 from 91.9 last month.
Lynn Franco, director of economic indicators at The Conference Board, said that confidence increased as "improving business conditions and robust job growth helped boost consumers' spirits."
In their appraisal of current conditions, those who said business conditions were good inched up to 23.9 percent from 23.3 percent, while those who said jobs are "plentiful" rose to 18.2 percent from 15.6 percent.
Respondents to the survey weren't as optimistic about the short-term outlook looking ahead by six months. Those who said they expect business conditions to improve over the next six months were flat at 20.4 percent. On the labor front, the reaction was mixed. While those who anticipate more jobs in the months ahead fell to 17 percent from 18.7 percent, the respondents who said they expect fewer jobs in the same period also fell to 15.8 percent to 16.6 percent.
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