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Key Takeaways
- Consumer confidence improved again in November, nearing its highest in two years.
- In The Conference Board’s monthly survey, more people expressed optimism about the economy.
- The optimism over the job market was at its highest level in almost three years. Inflation expectations also dropped.
- This increase is a continuation of the improvement seen in October and trends from results obtained by a consumer survey.
The consumer confidence index in November was at its highest level in almost three years. This is due to consumers feeling more optimistic than ever about their employment prospects.
The Conference Board’s U.S. Consumer Confidence Index increased to 111.7 in November, a jump of more than two points from the prior month and above what economists surveyed by The Wall Street Journal and Dow Jones Newswires expected.
“Consumer confidence continued to improve in November and reached the top of the range that has prevailed over the past two years,” Dana Peterson is the chief economist of The Conference Board. “Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years."
Consumers’ assessment of current business and labor market conditions shot up by 4.8 points to help lead the index’s increases. In contrast, improvement in the short-term outlook for income, business, and labor market conditions was more modest. Inflation expectations moved lower, with consumers believing prices will increase over the next 12-month period at a rate of 4.9%, the lowest in the survey since March 2020.
Confidence Trending Higher
The reading in the labor-sensitive survey builds on a jump in October’s consumer confidence report and follows a similar improvement in the November Michigan Consumer Sentiment survey.
“An upward monthly move on its own is encouraging, but what makes this more impressive is that it's coming off a high base in October,” wrote Wells Fargo economists Tim Quinlan, Shannon Seery Grein and Jeremiah Kohl. “Confidence leaped over ten points in October, and when you combine that with the November gain, confidence is now sitting at the highest level in nearly three years.”
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