Investing.com - U.S. consumer confidence improved unexpectedly in August to hit the highest level since October 2007, underlining optimism over the U.S. economic outlook, industry data showed on Tuesday.
In a report, the Conference Board, a market research group said its index of consumer confidence rose to 92.4 this month from a reading of 90.3 in July, whose figure was revised down from a previously reported 90.9.
Analysts expected the index to decline to 89.0 in August.
The Present Situation Index increased to 94.6 from 87.9, while the Expectations Index edged down to 90.9 from 91.9 in July.
Commenting on the report, director of The Conference Board Consumer Research Center Lynn Franco said, “Consumer confidence increased for the fourth consecutive month as improving business conditions and robust job growth helped boost consumers’ spirits."
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD rising 0.05% to trade at 1.3199.
Meanwhile, U.S. equity markets were higher after the open. The Dow 30 rose 0.25%, the S&P 500 inched up 0.2%, while the Nasdaq 100 tacked on 0.1%.