Consumer Confidence in August Reached the Second Highest Level Since 2000

REUTERS

Seattle has led a surge in U.S. home prices. ANTHONY BOLANTE REUTERS

Consumers' labor market outlook was mixed in August.

The Conference Board on Tuesday said its index of USA consumer confidence rose to 122.9 in August from a revised July figure of 120.

A measure of consumer confidence rose to its second-highest level of the year in a survey that also found consumers are becoming more upbeat about business conditions.

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"Consumer confidence increased in August following a moderate improvement in July", said Lynn Franco, director of economic indicators at The Conference Board, in a statement.

Its closely-watched consumer confidence index, which takes into account Americans' views of current conditions and their expectations for the next six months, rose to 122.9 in August from 120 in July.

"This is important because it gives us an indication of what households feel about their economic situation, as well as how much they're going to spend in the future", Gibbs said Monday on CNBC's "Trading Nation ".

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According to the Conference Board, 34.5% of respondents described business conditions as "good", which is the highest percentage since January.

"Against that backdrop, there is every reason to expect consumption growth to remain relatively rapid in the coming months and quarters", said Michael Pearce, U.S. economist at Capital Economics, in a note to clients. The share of those who said jobs are "hard to get" fell 1.4 points to 17.3 percent.

There was also a small monthly gain for the Expectations index to 104.0 from 103.0 in July. The proportion of those who anticipate fewer job openings slipped two-tenths of a point to 13 percent.

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As long as the Consumer Confidence Index does not see a "significant" drop for the month of August, Gibbs would expect to see stocks continue rising.

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