US Consumer Confidence at its Highest Since 2008
The Conference Board released results of their Consumer Confidence Index today showing that the increase it saw in October continued through November. Up from 73.1 in October, consumer confidence saw a moderate rise to 73.7.
“The Consumer Confidence Index increased in November and is now at its highest level in more than four and a half years (76.4 Feb. 2008). This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence,” said Lynn Franco, Director of Economic Indicators, The Conference Board.
Consumers has varying opinions about the job market and it’s potential. Consumers surveyed that stated business conditions as “good” decreased from 16.4 percent in October to 14.4 percent in November. While consumers that saw business conditions as “bad” declined from 33 per cent to 31.5 percent.
SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:
- Consumer Reports Reveals Naughty and Nice Retailer List
- May consumer spending up, though recovery slow
Fortunately for the US, consumers seem to be remaining optimistic about the upcoming months, with 22.2 per cent expecting business conditions to improve over the next six months (up from 21.5 percent) while those expecting conditions to worsen decreased from 15 percent to 14.3 percent in November.
The Conference Board hosts a monthly Consumer Confidence Survey conducted by Nielsen to determine its index results.