US Consumer Confidence Climbs to 17-Year Highs
- Holiday shopping started strong and the data suggest that will continue.
US Consumer Confidence marked a 17-year high in November, with optimism ticking higher for the 5th month running, according to a monthly survey released Tuesday.
“Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018,” head of indicators at the Conference Board, which produces the survey, said in a statement.
The Consumer Confidence Index rose to 129.5 for the month, the highest level since November of 2000.
The result follows October’s upward-revised reading of 126.2, which had also been a 17-year record, the survey showed.
Analysts had instead expected to see the index drop slightly to 124 points
Most of the increase was in the survey component that tracks expectations, which reached 113.3, up from 109 in October. The present situation index posted a smaller gain at 153.9, up from 152.
The numbers showed improvements in consumer sentiment about current conditions, with the share of those saying conditions were “good” rising to 24.9 percent while the share of those saying they were “bad” fell 8/10th to 12.7%.
The share of consumers expecting conditions to improve in the next 6 months rose to 22.4%, up from October.
But the outlook for jobs saw a significant boost, with the share of respondents saying they expected more jobs in the months ahead rising to 22.6% from 18.7% in October.
The November increase could reflect survey respondents’ desire to see lawmakers adopt an overhaul of the tax code.
Holiday shopping started strong and the data suggest that will continue.