US market: Consumer Confidence Index Exceeds Forecast

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The Associated Press:

WASHINGTON (AP) — Consumer sentiment rose more than expected in August, an indication that Americans’ pessimism about the economy may be lifting.

The New York-based Conference Board says its Consumer Confidence Index rose to 54.1 from an upwardly revised 47.4 in July. Economists surveyed by Thomson Reuters had expected a slight increase to 47.5. Still, the index is far below 90, the minimum level associated with a healthy economy.

Economists closely monitor confidence because consumer spending accounts for about 70 percent of United States economic activity. Consumer sentiment — fueled by signs the economy is stabilizing — has recovered a bit since hitting a record-low of 25.3 in February.