Consumer confidence rose more than expected in August, despite a continued weak in consumers’ assessment of the labor market.

The latest index reading from the Conference Board was 103.3, above the 101.9 seen in July and higher than the 100.7 economists surveyed by Bloomberg had expected.

“Overall consumer confidence rose in August but remained within the narrow range that has prevailed over the past two years,” said Dana M. Peterson, The Conference Board chief economist. “Consumers continued to express mixed feelings in August. Compared to July, they were more positive about business conditions, both current and future, but also more concerned about the labor market.”

Peterson added: “Consumers’ assessments of the current labor situation, while still positive, continued to weaken, and assessments of the labor market going forward were more pessimistic. This likely reflects the recent increase in unemployment. Consumers were also a bit less positive about future income.”

The report comes as recent economic data has shown softening in the labor market. In July, the unemployment rate hit 4.3%, its highest level in nearly three years. Meanwhile, the US labor market added 114,000 jobs, the second-lowest monthly total since 2020.

In August’s consumer confidence report, 32.8% of people said jobs were “plentiful,” down from 33.4% in July. Meanwhile, 16.4% said jobs were “hard to get,” up slightly from 16.3%.