NEW YORK (8/28/13)--Consumer confidence among U.S. citizens unexpectedly rose in August while Americans' views on the economy became more positive (Bloomberg.com and Moody's Economy.com Aug. 27).
Private New York-based research group The Conference Board said its index of sentiment rose to 81.5 from 81 in July. The median August forecast of economists was 79, according to a Bloomberg survey.
Increased wealth connected to higher stock portfolios and home values, and ongoing job growth are helping to maintain household spending, Bloomberg said.
Consumers anticipate more income gains and employment opportunities in the next six months, the Conference Board's report indicated, said Bloomberg.
As interest rates stabilize, there may be fading concern about interest rates heading upward, and there is ongoing good news about jobs and wealth accumulation, Jonathan Basile, an economist at Credit Suisse in New York, told Bloomberg.