Following three straight monthly declines, U.S. consumer confidence rebounded in August as inflation moderated and gas prices fell.
The Conference Board said Tuesday that its consumer confidence index rose in August to 103.2, up from 95.3 in July.
The business research group’s present situation index—which measures consumers’ assessment of current business and labor market conditions—rose for the first time since March, to 145.4 from 139.7 in July.
Analysts surveyed by data provider FactSet had expected consumer confidence to rise slightly, as gas prices have fallen in recent weeks. AAA motor club says the average price for a gallon of gas in the U.S. dipped to $3.85 on Tuesday from more than $5 per gallon in mid-June.