U.S. consumer confidence increased to a reading of 92.4 (1985=100) in August, as published this morning by The Conference Board. This compares to a revised reading of 90.3 in July, and is the highest consumer confidence has been since October 2007.
The Present Situation Index component increased to 94.6 from 89.7, while the Expectations Index component decreased to 90.9 from 91.9.
Says Lynn Franco, Director of Economic Indicators at The Conference Board: “Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits. Looking ahead, consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings. Overall, however, they remain quite positive about the short-term outlooks for the economy and labor market.”
The U.S. consumer sentiment index, reported by the University of Michigan, decreased to 79.2 in August from 81.8 in July.
The Conference Board’s index has been trending upwards in 2014 while the University of Michigan’s index has been relatively flat.