Christmas shoppers thronged malls and pounced on discounts but apparently spent less this year, their spirits dampened by concerns about the economy and the aftermath of shootings and storms.
American consumers are growing more confident about the job market, companies are ordering more equipment and home prices are rising in most major cities. The latest batch of government data suggests that the economy is improving just as the holiday shopping season begins.
U.S. consumer confidence rose this month to its highest level in almost five years, pushed up by steady improvement in hiring. The Conference Board says its consumer confidence index rose to 73.7 in November from 73.1 in October. Both are the best readings since February 2008.
White House economists warned Monday that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season.
Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time. But though delinquency is rising, it's still significantly below historic norms.
Benchmaark crude is up 48 cents to $85.57 around noon EST; the Thomson Reuters/University of Michigan consumer sentiment index reveals that Americans feel better about the state of the world's largest economy than any point in the last five years.
Consumer confidence surged in October to its highest level in nearly five years. Americans were encouraged by recent declines in the unemployment rate. And they responded by spending more on cars and trucks, at retail businesses and on goods produced at U.S. factories.
Americans increased their spending in September at twice the rate that their income grew, a sign of confidence in the economy. Still, consumers made up the difference by saving less for a third straight month, a troubling trend.
Despite ultra-low mortgage and savings interest rates, the average credit card rate is still high, and has barely budged over the past year. That's not so lucky for you as a spender -- but it could guide you to a windfall as an investor.
Americans stepped up their spending at retail businesses in September, reflecting their growing confidence in the economy. Retail sales rose 1.1 percent last month, the Commerce Department said. That followed a 1.2 percent increase in August. Both were the largest gains since October 2010.
Americans are expected to spend more during what's traditionally the busiest shopping season of the year, but they're not exactly ready to shop 'til they drop like they have been in the past two years.
Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere.
U.S. consumer sentiment rose to its highest level in four months in September as Americans saw better prospects for the job market and economy, a survey released on Friday showed.
The Conference Board says U.S. consumer confidence jumped this month to the highest level since February, bolstered by a brighter hiring outlook. The Consumer Confidence Index rose to 70.3. That's up from 61.3 in August, which was revised higher.
Americans are feeling worse about the economy than they have in a long time. Despite an improving U.S. job and housing markets, consumer confidence fell to the lowest level it's been since November 2011.