Consumer confidence increased in August

A measure of U.S. consumer confidence rose in August.

The Conference Board on Tuesday said its index of U.S. consumer confidence rose to 122.9 in August from a revised 120.0 in July. Economists surveyed by The Wall Street Journal had expected an August reading of 120.7.

The index in March had hit 124.9, its highest level since December 2000. It has slid downward in recent months, but has remained at strong levels.

"Consumers' more buoyant assessment of present-day conditions was the primary driver of the boost in confidence," said Lynn Franco, the Conference Board's director of economic indicators.

By Sarah Chaney