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US Consumer Confidence Surges In Nov
Dated: November 30 2016
U.S. consumer confidence surges in Nov.
NEW YORK – Nov. 29, 2016 – The Conference Board Consumer Confidence Index, increased significantly in November after a decline one month earlier. The Index now stands at 107.1, up from 100.8 in October.
The Present Situation Index increased from 123.1 to 130.3, while the Expectations Index that gauges attitudes about the future improved from 86.0 last month to 91.7.
"Consumer confidence improved in November after a moderate decline in October, and is once again at pre-recession levels," said Lynn Franco, director of economic indicators at The Conference Board. (The Index stood at 111.9 in July 2007.) "A more favorable assessment of current conditions coupled with a more optimistic short-term outlook helped boost confidence."
Franco said that the Conference Board surveyed most consumers before the presidential election; however, "It appears from the small sample of post-election responses that consumers' optimism was not impacted by the (election's) outcome."
Assessment of current conditions
The percentage of consumers saying business conditions are "good" improved from 26.5 percent to 29.2 percent, while those saying business conditions are "bad" fell from 17.3 percent to 14.8 percent.
Consumers' appraisal of the labor market was moderately more positive than last month. The percentage of consumers stating jobs are "plentiful" increased from 25.3 percent to 26.9 percent, while those claiming jobs are "hard to get" was unchanged at 21.7 percent.
Assessment of future conditions
Consumers' short-term outlook, on balance, was more optimistic in November. The percentage of consumers expecting business conditions to improve over the next six months fell from 16.4 percent to 15.3 percent; however, those expecting business conditions to worsen also decreased, from 11.8 percent to 10.0 percent.
Consumers' outlook for the labor market was likewise somewhat mixed. The proportion expecting more jobs in the months ahead was virtually unchanged at 14.5 percent, but those anticipating fewer jobs fell from 16.6 percent to 13.8 percent.
The percentage of consumers expecting their incomes to increase – 17.5 percent – was little changed from last month, while the proportion expecting a drop in income fell moderately, from 10.2 percent to 9.0 percent.
Nielsen conducts the monthly Consumer Confidence Survey for The Conference Board. It's based on a probability-design random sample, and the cutoff date for the preliminary results was November 15.
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