The Conference Board Consumer Confidence Index posted a moderate increase in November after also gaining in October. The index now stands at 73.7, still historically low but up from 73.1 in October.
The Present Situation Index of current expectations declined marginally to 56.6 from 56.7 last month. However, the Expectations Index of anticipated conditions rose to 85.1 from 84 last month.
“The Consumer Confidence Index increased in November and is now at its highest level in more than four and a half years,” stated Lynn Franco, Conference Board director/economic indicators. “This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence.”