US consumers were more confident in August as their outlook for the future improved.
The Conference Board, a business research group, reported Tuesday that its consumer confidence index rose to 103.3 in August, from 101.9 in July.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.
Americans’ short-term expectations for income, business and the labor market rose to 82.5 from 81.1 in July.
Consumers’ assessment of current conditions rose to 134.4 in August, from 133.1 last month.
Consumer spending accounts for nearly 70% of U.S. economic activity, and economists watch it closely to see how the American consumer is feeling.