U.S. consumers were feeling more optimistic about the economy in August, according to a report released Tuesday. (Tweet this)
The Conference Board's Consumer Confidence Index bounced to 101.5 in August, surpassing estimates. Economists polled by Reuters expected a reading of 93.3. July's reading was 91.0.
"Consumer confidence rebounded in August, following a sharp decline in July," said Lynn Franco, director of economic indicators at The Conference Board.
"Consumers' assessment of current conditions was considerably more upbeat, primarily due to a more favorable appraisal of the labor market. The uncertainty expressed last month about the short-term outlook has dissipated and consumers are once again feeling optimistic about the near future. Income expectations, however, were little improved."