Consumer confidence rebounds in November

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The Conference Board Consumer Confidence Index increased in November to its highest level since the summer.

The index rose from 40.9 in October to 56 in November, according to the Conference Board Consumer Research Center.

"Confidence has bounced back to levels last seen during the summer (July 2011, 59.2). 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,” Conference Board Consumer Research Center director Lynn Franco said in a statement.

“Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak,” Franco added.

Consumers' appraisal of present-day conditions improved in November. Those who said business conditions are "good" increased to 13.3 percent from 11.2 percent, while those who said business conditions are "bad" declined to 38.2 percent from 43.7 percent. Consumers' appraisal of the labor market was also more upbeat. Those who said jobs are "plentiful" increased to 5.8 percent from 3.6 percent, while those who said jobs are "hard to get" decreased to 42.1 percent from 46.9 percent.

Consumers' short-term outlook, which had declined last month, was less negative in November. The proportion of consumers who anticipate that business conditions will improve during the next six months increased to 13.6 percent from 10.2 percent, while those who anticipate that business conditions will worsen declined to 15.8 percent from 21.3 percent.

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