Consumer confidence strengthens in August secondhighest level since late 2000
Confidence rises to 122.9 from 120 in July
WASHINGTON (MarketWatch) - Consumers confidence strengthened in August to the second highest level since late 2000, a survey released Tuesday shows.
The consumer confidence index rose to 122.9, up from 120 in the prior month, the Conference Board said Tuesday.
Economists polled by MarketWatch had expected the index to rise to 122.5 in August from the initial July estimate of 121.1, which was cut to 120. The index hit 124.9 in March, which was the highest level since December 2000.
US consumers havenâ€™t been this confident since before 9/11 pic.twitter.com/4X8GQogPWz
Economists said consumers are feeling better given rising home prices, a healthy job market and stocks close to records.
Also read: Home prices were hot in June as Seattle sizzled
This bodes well for consumer spending in the third quarter. Spending by households has contributed to gross-domestic-product growth in the first half of the year.
US Consumer climbing the wall of worry (Conference Board - Expecting stock price increases) pic.twitter.com/9vvJoRrTPu