Consumer confidence in U.S. jumps in November
The Conference Board measured a strong rebound in consumer confidence from October in the United States, back to prerecession levels. The headline index rallied from 6.3 points to 107.1, according to the report published on Tuesday. The boost was slightly higher in assessments of present situation than in expectations.
"While the majority of consumers were surveyed before the presidential election, it appears from the small sample of post-election responses that consumers’ optimism was not impacted by the outcome. With the holiday season upon us, a more confident consumer should be welcome news for retailers,” said Lynn Franco, the global business organization's director of economic indicators.
Data concerning current conditions revealed the share of upbeat respondents increased from 26.5% to 29.2%, while there were 14.8% or 2.5 percentage points less of those saying business climate is bad. The labor market was seen somewhat improving. Short-term forecasts for the overall situation came in only slightly more optimistic than in October. The shares of those seeing a worsening in employment levels and a drop in income in the next six months declined by 2.8 points to 13.8% and 1.2 points to 9%, respectively.