(Bloomberg) -- Consumer confidence climbed more than forecast in August, reaching the second-highest level in eight years on more favorable views of the labor market.
The Conference Board’s index rose to 101.5 in August from a revised July reading of 91, the New York-based private research group said Tuesday. The gauge exceeded the highest estimate in a Bloomberg survey of economists, whose median forecast was 93.4. The cutoff date for the survey was Aug. 13, indicating the number didn’t reflect the recent stock-market sell-off.
“Consumers’ assessment of current conditions was considerably more upbeat, primarily due to a more favorable appraisal of the labor market,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.
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