U.S. consumer confidence rose in November, buoyed by optimism around job availability, easing inflation expectations, and reduced concerns about a recession.
U.S. consumers grew more upbeat in November on increased optimism around job availability, easing inflation expectations, and reduced recession fears, according to the latest report from The Conference Board.
The group’s consumer confidence index rose to 111.7 in November, up from 109.6 in October, marking the second consecutive month of improvement, according to the Nov. 26 report.
The present situation index, which gauges consumers’ views of current business and labor market conditions, climbed 4.8 points to 140.9. Meanwhile, the expectations index, which reflects outlooks over the next six months on income, business, and labor conditions, inched up 0.4 points to 92.3, remaining well above the threshold of 80 that is typically associated with recession risks.
“The proportion of consumers anticipating a recession over the next 12 months fell further in November and was the lowest since we first asked the question in July 2022,” Dana Peterson, chief economist at The Conference Board, said in a statement.
Peterson said that November’s increase in overall consumer confidence was mostly due to more positive assessments of current conditions, particularly with respect to the labor market.
“Compared