Confidence among advisers and consumers rose sharply in August as lower gas prices and a stronger dollar spurred greater confidence in the economy.
Adviser confidence in the economy and the stock market rebounded this month, according to Rydex AdvisorBenchmarking Inc.'s Advisor Confidence Index.
The index rose 13% in August to 97.06, from 86.27 in July.
Each of the four economic-outlook components measured by Rydex improved: the current economic outlook by 15.79%, the six-month economic outlook by 7.06%, the 12-month economic outlook by 19.15% and the stock market outlook by 19.15%.
The survey is produced by Rydex AdvisorBenchmarking, the research affiliate of Rydex Investments of Rockville, Md., which focuses on the registered investment adviser market, and surveys 150 advisers each month.
Meanwhile, The Conference Board Inc.'s Consumer Confidence Index improved sharply, reaching 56.9 in August, up from 51.9 in July, according to the New York-based research company.
The Present Situation Index, which measures how consumers feel about current economic conditions, fell slightly to 63.2, from 65.8 in July.
But the Expectations Index, which measures consumers' outlook for the following six months, rose sharply to 52.8, from 42.7 in July.
London-based Taylor Nelson Sofres PLC’s financial services division administers the monthly Consumer Confidence Survey, which is based on a representative sample of 5,000 U.S. households.
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