Consumer Confidence Index inches up to 53.5

NEW YORK (AP) — A private research group’s survey of Americans shows that consumer confidence improved slightly in August, but the mood is still gloomy amid job worries.

The Conference Board said Tuesday that its Consumer Confidence Index improved slightly to 53.5, up from a revised 51.0 in July.

Economists surveyed by Thomson Reuters had expected a reading of 50.5. The reading comes after two straight months of declines, but it shows that Americans are about as confident as they were a year ago.

It takes a reading of 90 to indicate a healthy economy. Economists watch confidence closely because consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a strong rebound.