Consumer Confidence Hits Multiyear High
The Conference Board's consumer confidence index reading for November came to 73.7, which was above estimates, as well as the highest reading since February of 2008. And the results for October were revised higher to 73.1 from a preliminary figure of 72.2, and that compares to 68.4 in September. Bloomberg had a November consensus estimate of 72.8 (with a range of 65 to 77).
The Present Situation Index was called "virtually unchanged," but actually it was down marginally at 56.6 in November, versus 56.7 in the previous month. The Expectations Index rose to 85.1 from 84.0 last month. Strength came from an uptick in the overall consumer expectations, while consumers' assessment of present-day conditions continues to hold steady.
The breakdown on more marks is as follows:
- Those saying business conditions are "good" declined to 14.4% from 16.5%, while those saying business conditions are "bad" deceased to 31.5% from 33.0%.
- Those claiming jobs are "plentiful" increased to 11.2% from 10.4%, while those claiming jobs are "hard to get" held steady at 38.8%.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Consumer Product, Economy Tagged: featured