A key measure of consumer confidence rose in August and beat economists' expectations, according to a report issued Tuesday.
The board said its Consumer Confidence Index rose to 56.9, up from 51.9 in July. Economists had expected the index to rise slightly to 53, according to a consensus compiled by Briefing.com.
The results showed that consumers had a bleak view of the current economy, but harbored better hopes for the future. The Present Situation Index fell to 63.2 in August from 65.8 the prior month. But the Expectations Index rose to 52.8 in August from 42.7 in July.
"Consumer confidence readings suggest that the economy remains stuck in neutral, but may be showing signs of improvement by early next year," said Lynn Franco, director of The Conference Board Consumer Research Center, in a press release.
"Declines in the Present Situation Index, both in terms of business conditions and the labor market, appear to be moderating," said Franco. "The Expectations Index, which posted a significant gain this month, suggests better times may be ahead. However, overall readings are still quite low by historical standards and it is still too early to tell if the worst behind us."
