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Consumer Confidence Shows Unexpected Improvement In November

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Tuesday morning, the Conference Board released a report showing an unexpected improvement in consumer confidence in the month of November, with the increase coming as consumers were less pessimistic about the outlook for business conditions and employment.

The report showed that the consumer confidence index rose to 49.5 in November from an upwardly revised 48.7 in October. The increase surprised economists, who had expected the index to edge down to 47.5 from the 47.7 originally reported for the previous month.

While the present situation index edged down to a new twenty-six year low of 21.0 in November from 21.1 in October, the expectations index rose to 68.5 from 67.0.

However, Lynn Franco, Director of the Conference Board Consumer Research Center, "The moderate improvement in the short-term outlook was the result of a decrease in the percent of consumers expecting business and labor market conditions to worsen, as opposed to an increase in the percent of consumers expecting conditions to improve."

The report said consumers' assessment of current conditions was virtually unchanged in November, with those claiming conditions are "bad" edging down 45.7 from 46.7 percent in the previous month, while those claiming conditions are "good" rose to 8.1 percent from 7.8 percent.

At the same time, consumers' appraisal of the labor market deteriorated moderately, with those claiming jobs are "hard to get" rising to 49.8 percent in November from 49.4 in October, while those claiming jobs are "plentiful" fell to 3.2 percent from 3.5 percent.

Looking ahead, the Conference Board said consumers expecting business conditions to worsen over the next six months fell to 15.1 percent in November from 18.2 percent in October, but those expecting an improvement in conditions also fell to 20.0 percent from 20.8 percent.

The labor market outlook was also slightly less pessimistic, as those expecting fewer jobs decreased to 23.1 percent in November from 26.1 percent in the previous month, although those expecting more jobs also declined to 15.2 percent from 16.8 percent.

Additionally, the report showed that the percentage of consumers expecting an increase in their incomes decreased to 10.0 percent in November from 10.7 percent in October.

"Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood," Franco said.

Tuesday morning, the Conference Board released a report showing an unexpected improvement in consumer confidence in the month of November, with the increase coming as consumers were less pessimistic about the outlook for business conditions and employment. The report showed that the consumer confidence index rose to 49.5 in November from an upwardly revised 48.7 in October. (Market News Provided by RTTNews)

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