Consumer confidence at 17-year high
Consumers are entering the holiday season in very high spirits.
U.S. consumer confidence increased for a fifth consecutive month and remains at a 17-year high, according to The Conference Board. The Board's Consumer Confidence Index, which had improved in October, increased further in November. The Index now stands at 129.5, up from 126.2 in October. It is the highest mark since the index hit 132.6 in November 2000.
"Consumers' assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market," said Lynn Franco, director of economic indicators at The Conference Board. Consumers foresee the economy expanding at a healthy pace into the early months of 2018, Franco added.
Consumers' assessment of current conditions improved moderately in November. The percentage saying business conditions are "good" increased from 34.4% to 34.9%, while those saying business conditions are "bad" declined from 13.5% to 12.7%. Consumers' assessment of the labor market also improved. Those stating jobs are "plentiful" increased from 36.7% to 37.1%, while those claiming jobs are "hard to get" decreased slightly from 17.1% to 16.9%.
Consumers' optimism about the short-term outlook was also more favorable in November. The percentage of consumers expecting business conditions to improve over the next six months increased slightly from 22.1% to 22.4%, while those expecting business conditions to worsen decreased from 7.0% to 6.5%.
U.S. consumer confidence increased for a fifth consecutive month and remains at a 17-year high, according to The Conference Board. The Board's Consumer Confidence Index, which had improved in October, increased further in November. The Index now stands at 129.5, up from 126.2 in October. It is the highest mark since the index hit 132.6 in November 2000.
"Consumers' assessment of current conditions improved moderately, while their expectations regarding the short-term outlook improved more so, driven primarily by optimism of further improvements in the labor market," said Lynn Franco, director of economic indicators at The Conference Board. Consumers foresee the economy expanding at a healthy pace into the early months of 2018, Franco added.
Consumers' assessment of current conditions improved moderately in November. The percentage saying business conditions are "good" increased from 34.4% to 34.9%, while those saying business conditions are "bad" declined from 13.5% to 12.7%. Consumers' assessment of the labor market also improved. Those stating jobs are "plentiful" increased from 36.7% to 37.1%, while those claiming jobs are "hard to get" decreased slightly from 17.1% to 16.9%.
Consumers' optimism about the short-term outlook was also more favorable in November. The percentage of consumers expecting business conditions to improve over the next six months increased slightly from 22.1% to 22.4%, while those expecting business conditions to worsen decreased from 7.0% to 6.5%.