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ECON: Consumer Confidence Hits Highest Level Since Feb 2008
Posted to: Micro News
Tuesday, November 27, 2012 10:16 AM
- Confidence 73.7 vs 73.0 Consensus
- Last month revised from 72.2 to 73.1
- 'Present Situation' FELL to 56.6 from 56.7
- Biggest gains in 'Expectations,' up to 85.1 vs upwardly revised 84.0 in October (previously 82.9)
The Conference Board Consumer Confidence Index®, which had increased in October, posted a moderate increase in November. The Index now stands at 73.7 (1985=100), up from 73.1 in October. The Present Situation Index was virtually unchanged at 56.6 versus 56.7 last month. The Expectations Index rose to 85.1 from 84.0 last month.
The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by Nielsen, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for the preliminary results was November 13.
Says Lynn Franco, Director of Economic Indicators at The Conference Board: “The Consumer Confidence Index increased in November and is now at its highest level in more than four and a half years (76.4 Feb. 2008). This month’s moderate improvement was the result of an uptick in expectations, while consumers’ assessment of present-day conditions continues to hold steady. Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence.”
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