The Conference Board Consumer Confidence Index increased in August to 101.1, from 96.7 in July. The Present Situation Index increased from 118.8 to 123, while the Expectations Index increased from 82 in June to 86.4 in July.

"Consumer confidence improved in August to its highest level in nearly a year, after a marginal decline in July," said Lynn Franco, director of economic indicators at The Conference Board. "Consumers’ assessment of both current business and labor market conditions was considerably more favorable than last month. Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months."

Consumers’ appraisal of current conditions improved in August. Those stating business conditions are “good” increased from 27.3 percent to 30 percent, while those saying business conditions are “bad” remained virtually unchanged at 18.4 percent. Consumers’ assessment of the labor market was also more favorable. Those claiming jobs were more “plentiful” increased from 23 percent to 26 percent, however, those claiming jobs are “hard to get” also rose, from 22.1 percent to 23.4 percent.

Consumers’ optimism regarding the short-term outlook picked up in August. The percentage of consumers expecting business conditions to improve over the next six months increased from 15.7 percent to 17.3 percent, while those expecting business conditions to worsen decreased from 12.4 percent to 11.1 percent.

Consumers’ outlook for the labor market was also more favorable than in July. The proportion expecting more jobs in the months ahead rose from 13.5 percent to 14.2 percent, while those anticipating fewer jobs remained virtually unchanged at 17.5 percent. The percentage of consumers expecting their incomes to increase improved from 17.1 percent to 18.8 percent, while the proportion expecting a decline decreased marginally from 11 percent to 10.7 percent.