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U.S. consumer confidence bounced back from a 2-1/2 year low in November as apprehension about job and income prospects eased, according to a private sector report released Tuesday.
The Conference Board, an industry group, said its index of consumer attitudes jumped to 56.0 from a upwardly revised 40.9 the month before.
It was the highest level since July and handily topped economists' forecasts for 44.0. October was originally reported as 39.8.
"Consumers' assessment of current conditions finally improved, after six months of steady declines," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.
"Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak."
The expectations index also rose to its highest level since July at 67.8 from 50.0, while the present situation index gained to its highest level since May at 38.3 from 27.1.
Consumers' labor market assessment improved. The number of respondents that said they found "jobs hard to get" eased to 42.1 percent from 46.9 percent, while the "jobs plentiful" index rose to 5.8 percent from 3.6 percent.
Consumers also felt better about price increases with expectations for inflation in the coming 12 months falling to 5.5 percent from 5.8 percent.
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"But consumer confidence isn't important", say the supply-sided trickle-down brain-trusts!
One ounce of consumer confidence is worth several tons of tax cuts for the rich and decimated regulations.
Where do they find these fools who try to feed us this crap ??????? Most of us may have been born at night but it wasn't last night . The economy is in shambles congress is corrupt and wall street is bleeding us dry . Our pres is clueless and yet they expect us to believe this . SPIN DOCTORS , there should be law against them .
bob
Bob1 - grow a brain. When my father, a life-long republican changes sides and says "I'll never vote for them again - the Rich don't need any help, and if they keep this up they'll have a revolution" - you KNOW that the GOP is on the wrong track.
I mean, the man was a Reaganite, Bush supporter, Clinton hater and voted for G.W. Bush TWICE.
And he now will never vote republican again?!? You need to rethink who's clueless, Sir.
LMAO..... The start of the holiday shopping season and they're going to try and claim consumer confidence is up. Just like last August when it was back to school time and they claimed consumer confidence was up. It's just the usual seasonal shopping that everyone does. You notice they never give this claim more than a couple times a year and it's always the same months.
Gee Ebeneezer, let me express my sincere sympathy for your father's blunder.
Actually, there are quit a few of us ex-Republicans out there. Most were Republicans BECAUSE of their conservative economic views and pretty much just put up with the extreme moral indignation... but now? Well, Bush threw out any notion of a balanced budget and the current GOPT is way to supportive of the rich and party pledges to make the right decisions for this country.
Consumer confidence is hated by the GOTP because it implies that you must be judged positively by the WHOLE electorate... they HATE that!
Ebeneezer
Let me ask you this . Who put BERNAKIE and GATHNER into their jobs ????? Do you really think they were put there to correct our economic mess ????? Before you awnser just remember the GOLDMAN SACKS connection . We all know what GLODMAN SACKS has done !!!!!!! Helped them selves to our 401Ks , gov. bail out money and so it goes.
bob
Gee spider, you didn't even like your own comment enough. Sounds like people don't think it's that much of a blunder...
I would say this story is my weekly chance to remind people that this is going exactly as the model predicts for the extension of the Bush tax cuts at the end of 2010, but this is quickly turning into daily news supporting that fact. Please refer to my post here (#1.44 from August). Hiring grew as soon as it became apparent that taxes would not be raised, then the hiring leveled off. Once the new hires were comfortable with their new income source, they started spending. The economy grows.
Next up, businesses will feel better about their own situations and another round of hiring will commence. As I noted, all very predictable results of the extension of the Bush tax cuts. That is unless they are threatened with higher taxes again or Europe tanks because the European governments have been acting like we've been acting, only longer.
One should also note that this rise in economic indicators is well after nearly all of the near trillion dollars of failed boondoggle "stimulus" has been spent. We don't need more of that kind of failure. We need more of the freed market success.
BTW, LMarcT, I would love for you to document one single noted conservative who says that consumer confidence doesn't matter. I won't hold my breath though because it will be an awfully long search.
I would think many consumers can't be that happy with current prices at the food supermarkets or future heating costs with winter just around the corner.
Yes, but consumers are still spending. Haven't figured that one out myself - but there it is...
Better save, for that energy bill soon to triple during winter.
My bet is that today's consumer only needs to believe that we will not fall off the cliff as has been drilled into them by the right. Slow recovery isn't as good as fast recovery, but it is a recovery all the same. Also, with all the belt tightening that had gone on, there's some backing for the spending without the huge debt consequences.
Yeah the economy is in great shape, shoppers are attacking each other over "deals". I don't remember this kind of stuff happening when the economy was good.
Carlos:
Three Words: Cabbage Patch Kids (or) Tickle Me Elmo
Two Words: New iPad (or) New iPhone (or) XBOX 360
Many Words: Those stupid LCD/LED TV/DVD Player/Laptop/PC deals every year at Wal-Mart and Best Buy since the late 1990s
Oh, and don't forget the Furbies!
Carlos... go hang out at Walmart..... you'll see that kind of thing daily.
People are adapting to the new normal.
Consumer attitude have gotten a lot of more negative, particularly when it comes to making a long-term commitment, such as buying a home, Blitzer added.
Copied from the Home Prices Drop article located just below this one.
Lots of story's to read today!
The steep discounts on Black Friday to draw in shoppers was at an all time high. Purchases may have been up but profits were thin if not negative. Retailers are hoping the shopping will continue and then make some money.
These analysts whom have six figure incomes crunch crappy data and spin it. They need better data sets and need to get out or the office and look around.
We are edging closer to a complete melt-down and the street is grasping at straws because more people purchased items on "Give it away Friday" and "Cyber no profit" Monday.
What a crock.
Fighting over overpriced Chinese crap. PRICELESS!
Wait until those January credit card bills roll in. Well, you can cut down to one meal a day. Try hamburger helper. Without the hamburger.