The final reading for the August Reuters/Michigan index of consumer sentiment came in at 74.1 compared to a preliminary reading of 72.8 and the July final reading of 72.5.

Economists had forecast the index to be unrevised up to 72.8.

According to the report, the index of the current economic conditions edged up 0.1 percent m-o-m to 82.9 from July’s final reading of 82.8.

Meanwhile, the index of consumer expectations jumped 3.9 percent m-o-m to 68.5 from July’s final reading of 65.9.

Richard Curtin, the Surveys of Consumers chief economist, noted that August gain reflected fewer concerns about the year-ahead outlook for the economy, although those prospects still remained half as favorable as six months ago. “Since the April shutdown of the economy, a sizable number of consumers thought conditions could hardly get any worse. The natural response was that economic conditions would improve given the absence of any negative economic causes for the recession,” he said.