US consumer confidence shows sharp rebound in August to highest reading in 7 months

Economic IndicatorsAssociated Press

U.S. consumer confidence rebounded in August to the strongest reading in seven months after having fallen sharply in July.

The Conference Board says that its index of consumer confidence increased to 101.5 in August, up from a revised July reading of 91.0. It was the best showing since January. The survey of consumer opinions was taken before the sharp plunge in the stock market.

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Conference Board economist Lynn Franco says that consumers' assessment of current conditions was considerably more upbeat in August, primarily due to a more favorable view of the labor market.