Americans in November More Confident About Economy

Americans in November More Confident About EconomyNEW YORK (AP) - Americans' confidence in the economy in November bounced back to its highest level since July, the latest sign that consumers are beginning to feel more cheerful about spending during the holiday shopping season.

The Conference Board, a private research firm, says Tuesday that its Consumer Confidence Index rose 15 points to 56.0. That's up from a revised 40.9 in October - the lowest level since the recession - and the biggest jump since the 59.2 reading in July. The November number is encouraging, but far below the reading of 90, which indicates an economy on solid footing.

The confidence numbers are widely watched by economists because consumer spending accounts for 70 percent of economic activity. The confidence of U.S. consumers has slipped amid renewed fears about a second recession. But Americans, who have been grappling with high unemployment and a weak housing market, have shown that they are feeling much more comfortable spending. Over the past weekend, for instance, they spent more than they ever have during the four-day start of the holiday shopping season.
"Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak," said Lynn Franco, director of The Conference Board Consumer Research Center in a statement.

Franco noted that consumers' assessment of current conditions improved after six months of steady declines. Consumers' anxiety regarding the short-term outlook for business conditions, jobs and income prospects eased considerably.

One barometer of the index, which measures how shoppers feel now, rose to 38.3 from 27.1. The other gauge, which measures how shoppers say they will feel over the next six months, rose to 67.8 from 50.0.

Consumers have some reason to be more confident. Earlier this month, for instance, the Labor Department reported that the job market improved modestly as unemployment rate nudged down to 9 percent in October from 9.1 percent in September. The month marked the 13th consecutive month of job gains.

Increase your money and finance knowledge from home

Introduction to Economic Indicators

Measure the performance of the economy.

View Course »

Investor’s Toolbox

Improve your investing savvy with the right financial toolset.

View Course »

Add a Comment

*0 / 3000 Character Maximum


Filter by:

I smell a US Civil War the haves against the have nots because it has not been so disheartening since the 1860's

December 01 2011 at 2:30 AM Report abuse rate up rate down Reply

Keep trying to lower the unemployment rate with low wage jobs or letting benefits run out then if there is life in space they will see the earth burning from where ever they are.

December 01 2011 at 2:22 AM Report abuse rate up rate down Reply

Like the 60's it's 1 2 3 4, What are we fighting for, I don't give a Damn about Viet Nam

December 01 2011 at 2:18 AM Report abuse rate up rate down Reply

This nation will never live it down if these troops and other vets start robbing and looting as indicated by the news.

Join the Army but when you come home there are no jobs!

December 01 2011 at 2:16 AM Report abuse rate up rate down Reply

I am betting I am right an the others are wrong because the news I see is what it is.

December 01 2011 at 2:13 AM Report abuse rate up rate down Reply

Sailors and others are losing their military carriers an now face the same joblessness as the troops that are returning. How long before they snap an kill someone? Read the news papers boys it is already happening something the government wasn't expecting Think I am fibbing well read the papers and watch the TV news because it is going on right now.

Troops that are trained to kill now turned loose in the worst economy since the 1930's boy how do you like them apples.

December 01 2011 at 2:12 AM Report abuse rate up rate down Reply

All those big gains on Black Friday will not help us just like the other trillion$$$ companies are holding off from investing!
Get it dip heads those dollars aren't going to help your situation so why are you applauding? You think it is great an you aren't going to get a damn red cent an neither is you family or friends.

December 01 2011 at 2:05 AM Report abuse rate up rate down Reply

Iraq, Lybia, Afghanistan, Egypt, and other countries will have to rebuild we should also.

December 01 2011 at 2:01 AM Report abuse rate up rate down Reply

Think of all the construction jobs, electricians, plumbers, stone masons, lumber yards, glass factories, and concrete businesses that will prosper after the people rise up an riot. It will be like a tornado hit every town in the country. Who said you can't create jobs!

December 01 2011 at 2:00 AM Report abuse +1 rate up rate down Reply

Discriminate or cheat someone in need then you deserve a good beating!

December 01 2011 at 1:52 AM Report abuse rate up rate down Reply