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RAPAPORT... U.S. consumer confidence moved closer to the historical average of 100 points in August, according to The Conference Board Consumer Confidence Index®, which recorded a reading of 92.4 points (1985=100), up from 81.5 points in August 2013. The Present Situation Index jumped 33.8 percent year on year to 94.6 points and Expectations Index rose 2.5 percent to 90.9 points. Lynn Franco, the director of economic indicators at The Conference Board, explained that U.S. consumers believed business conditions improved and that jobs became more plentiful in August. "Looking ahead, consumers were marginally less optimistic about the short-term outlook compared to July, primarily due to concerns about their earnings. Overall, however, they remain quite positive about the short-term outlook for the economy and labor market,” Franco said. Those who believed that business conditions were “good” in August accounted for 23.9 percent of the survey population, up from 18.4 percent one year ago, while those who claimed that conditions were “bad” accounted for 21.5 percent compared with 24.8 percent in August 2013. Consumers who defined job openings as “plentiful” accounted for 18.2 percent, up from 11.4 percent one year ago, and those who defined jobs as “hard to get” represented 30.6 percent, down from 33 percent one year ago.
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