US consumer confidence in November reached its
highest level since February 2008, rising to 73.7 from a revised
estimate of 73.1, the New York-based Conference Board said Tuesday.
Lynn Franco, director of economic indicators at the Conference Board, said consumers over the past few months have become more upbeat about the job market. This turnaround in sentiment is helping to boost confidence.
"This month's moderate improvement was the result of an uptick in expectations, while consumers' assessment of present-day conditions continues to hold steady," Franco said in a news release posted at the Conference Board's website.
The 73.7 level puts the consumer confidence index at its highest level in more than four and a half years and indicates that US household spending will continue to grow.
The Conference Board also reported that consumers who answered that business conditions are "good" declined to 14.4 per cent from 16.5 per cent, while those saying business conditions are "bad" decreased to 31.5 per cent from 33.0 per cent.
Consumers' assessment of the labor market improved, with those saying jobs are "plentiful" increased to 11.2 per cent from 10.4 per cent, while those claiming jobs are "hard to get" held steady at 38.8 per cent.
The figures are based on a monthly survey of consumers conducted by the pollster Nielsen.
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