Consumer confidence increased to 54.1 in August compared with   47.4 in July, according to a report released by The Conference Board. The Present Situation Index increased to 24.9 in August from 23.3 last month, and the Expectations Index improved to 73.5 compared with 63.4 in July, according to the report.

Consumer confidence, which had posted back-to-back monthly declines, appears to be back on the mend, the Present Situation Index increased slightly, mainly the result of an improvement in consumers' assessment of the job market. The Expectations Index improved considerably and is now at its highest level since December 2007 (Index, 75.8). Consumers were more upbeat in their short-term outlook for both the economy and the job market in August, but only slightly more upbeat in their income expectations. And, as long as earnings continue to weigh heavily on consumers' minds, spending is likely to remain constrained."

Consumers' appraisal of the job market was more favorable this month, with those saying jobs are "hard to get" decreasing to 45.1 percent from 48.5 percent, and those claiming jobs are "plentiful" increasing to 4.2 percent from 3.7 percent. Consumers' short-term outlook was much improved from last month, and the labor market outlook also was more upbeat, according to the report.

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