NEW YORK – Nov. 29, 2011 – The Conference Board Consumer Confidence Index, which declined in October, surged almost 15 points in November.
The Index now stands at 56.0, up from 40.9 in October. The Present Situation Index increased 11.2 points to 38.3 from 27.1. The Expectations Index, which gauges attitudes about the economy’s condition six months from now, went up 17.8 points to 67.8 from 50.0.
“Confidence has bounced back to levels last seen during the summer (July 2011, 59.2),” says Lynn Franco, Director of The Conference Board Consumer Research Center. “Consumers’ assessment of current conditions finally improved after six months of steady declines. Consumers’ apprehension regarding the short-term outlook for business conditions, jobs and income prospects eased considerably. Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”
The Index now stands at 56.0, up from 40.9 in October. The Present Situation Index increased 11.2 points to 38.3 from 27.1. The Expectations Index, which gauges attitudes about the economy’s condition six months from now, went up 17.8 points to 67.8 from 50.0.
“Confidence has bounced back to levels last seen during the summer (July 2011, 59.2),” says Lynn Franco, Director of The Conference Board Consumer Research Center. “Consumers’ assessment of current conditions finally improved after six months of steady declines. Consumers’ apprehension regarding the short-term outlook for business conditions, jobs and income prospects eased considerably. Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”
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