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 U.S. 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.