U.S. Consumer Confidence Continues To Improve In November
26 November 2024 - 9:32PM
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After reporting a significant rebound by U.S. consumer
confidence in the previous month, the Conference Board released a
report on Tuesday showing consumer confidence continued to improve
in November.
The Conference Board said its consumer confidence index rose to
111.7 in November after surging to an upwardly revised 109.6 in
October.
Economists had expected the consumer confidence index to climb
to 112.3 from the 108.7 originally reported for the previous
month.
"Consumer confidence continued to improve in November and
reached the top of the range that has prevailed over the past two
years," said Dana M. Peterson, Chief Economist at The Conference
Board.
She added, "November's increase was mainly driven by more
positive consumer assessments of the present situation,
particularly regarding the labor market."
The report said the present situation index, which is based on
consumers' assessment of current business and labor market
conditions, jumped to 140.9 in November from 136.1 in October.
The expectations index, which is based on consumers' short-term
outlook for income, business, and labor market conditions, showed a
more modest increase, inching up to 92.3 in November from 91.9 in
October.
The Conference Board noted the expectations index is well above
the threshold of 80 that usually signals a recession ahead.
Last Friday, the University of Michigan released revised data
showing consumer sentiment in the U.S. improved less than
previously estimated in the month of November.
The University of Michigan said its consumer sentiment index for
November was downwardly revised to 71.8 from the preliminary
reading of 73.0.
While the downward revision surprised economists, who had
expected the reading to be upwardly revised to 73.7, the index is
still above the final October reading of 70.5.
Despite the unexpected downward revision, the consumer sentiment
index is also still at its highest level since hitting 77.2 in
April.
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