U.S. consumer confidence rose in August, mirroring gains in the stock market, a survey released on Tuesday said.
Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose to 50.3 in August from 46.3 in July.
The index is 1.4 points above its 12-month average of 46.9 and 5.9 points above its reading of 44.4 in December 2007, when the economy entered recession.
Index readings above 50 indicate optimism, while those below 50 point to pessimism.
Across-the-board, we are seeing a rebound in economic confidence as the index returns back to its positive territory, said Raghavan Mayur, president of TIPP, a unit of TechnoMetrica Market Intelligence, IBD's polling partner.
We believe we'll be out of the recession in the third quarter this year, he said.
The IBD/TIPP surveys more than 900 adults usually in the first week of the month.