Bloomberg Consumer Comfort Index climbs as an improving job market bolstered Americans' views of their financial well-being

According to Bloomberg, consumer confidence climbed last week to the second-highest level in a year as an improving job market bolstered Americans' views of their financial well-being.

The Bloomberg Consumer Comfort Index rose to 37.7 in the period ended August 31 from 37.3 the prior week. A measure of personal finances increased to 54.2, matching the strongest reading since April 2008.

Sentiment among most income groups improved, with Americans making less than $50,000 becoming the most upbeat in a year as gasoline prices declined. More optimism on the heels of greater employment prospects and stock-market gains has the potential to stoke consumer spending, which accounts for about 70 percent of the economy.

Two of the three components in the Bloomberg comfort index improved. In addition to the measure of finances, a gauge of Americans' views on the current state of the economy rose to 26.7 last week from 25.9 the previous period. A gauge of the buying climate, showing whether this is a good time to purchase goods and services, cooled to 32.1 from 32.5.

The comfort measure for consumers earning less than $50,000 a year increased to 29.4 last week. Confidence also rose for those making between $50,000 and $74,900 and for Americans with an annual incomes exceeding $100,000.