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Updated:
8/25/2009 10:00:00 AM
Consumer Confidence Rises in August
Consumer confidence increased in August, the New York-based Conference Board said Tuesday.
The group’s monthly index rose to 54.1, from a revised 47.4 reading in July. A record low of 25.3 was reached in February.
The change comes from consumers being less worried about unemployment and the labor market, Bloomberg reported.
Economists had forecast that the reading would rise to 47.9, Bloomberg said.
The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.
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