The Conference Board announced on Tuesday its U.S. consumer confidence jumped 15.5 points to 101.8 in September from 86.3 in August.

Economists had expected consumer confidence to come in at 89.5.

August’s consumer confidence reading was revised up from originally estimated 84.8.

The survey showed that the expectations index climbed from 86.6 last month to 104.0 this month. Meanwhile, the present situation index increased from 85.8 in August to 98.5.

“Consumer Confidence increased sharply in September, after back-to-back monthly declines, but remains below pre-pandemic levels,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “A more favorable view of current business and labor market conditions, coupled with renewed optimism about the short-term outlook, helped spur this month’s rebound in confidence. Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead.”