Americans' confidence in the economy inched closer to a five year high on growing optimism that hiring and wages could pick up in coming months.
The Conference Board, a New York-based private research group, said today that its consumer confidence index rose to 81.5 in August. That is up from a revised reading of 81 in July.
It is also just below the 82.1 reading in June, which was the highest since January 2008.
Consumers' confidence in the economy is watched closely because their spending accounts for about 70% of US economic activity.
