Consumer Confidence Rises Above Expectations

Consumer confidence rose to 53.5 in August, the Conference Board reported on Tuesday. The increase was higher than expected, easing concerns over a slowdown in the pace of economic recovery. The Conference Board’s confidence index for July was upwardly revised to 51 , which still represents a five-month low. The latest figures gave some hope to investors, who pushed US equities higher following the news. Dampening the optimism were comments made by the New York-based research group, which said that consumers were still “apprehensive." Lynn Franco, director of Conference Board's consumer research center, said in a statement, "Employment concerns continue to weigh heavily on consumers' attitudes." Read more from Benzinga's Markets.