U.S. consumer confidence increased in August to its highest level in nearly a year, suggesting economic growth south of the border could pick up in the second half of the year.
The U.S. Conference Board says that its consumer confidence index rose to a reading of 101.1, up from 96.7 in July. It was the highest level for confidence in 11 months, since the index hit 102.6 last September.
Economists surveyed by The Wall Street Journal had expected an August reading of 97.0.
American households have consistently been the biggest driver of economic growth in the U.S. During the second quarter of the year, consumer expenditures advanced at the fastest rate since late 2014, offsetting weaker business and government spending.
