WASHINGTON ( TheStreet) -- Consumer confidence improved in late August, but still remains at its lowest level in four months.

The Reuters/University of Michigan Surveys of Consumers said its final index of confidence fell to 65.7 during the month from 66 in July. But this still beat economists' expectations of 64 and was higher than its preliminary reading of 63.2.

This is also the second month in a row confidence has fallen.

"Confidence rebounded in late August as consumers increasingly expected improved conditions in the national economy even as they reported the worst assessments of their finances since the surveys began in 1946," the report said.

Retail shares were mixed in early trading. On Friday, the Commerce Department also reported that consumer spending inched up 0.2% in July.

Some of the morning's biggest movers were Bebe ( BEBE), which fell 5% to $7.52, Pacific Sunwear of California ( PSUN), which grew 8% to $4.21, J. Crew ( JCG), which jumped 6% to $34.75 and Tiffany ( TIF - Get Report), which soared 8% to $35.46.

-- Reported by Jeanine Poggi in New York.

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