After declining for three straight months, American consumer confidence ticked up in November, according to the Associated Press, as the holiday shopping season kicks into high gear.
The Conference Board, a business research group, said today that its consumer confidence index rose to 102 this month from 99.1 in October. Analysts were expecting a reading of 101.
The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The main index was boosted by respondents whose outlook for the next six months improved.
The index measuring Americans’ short-term expectations for income, business, and the job market rose to 77.8 in November from 72.7 in October; however, it was the third straight reading below 80 for future expectations, which historically signals a recession within a year.
The survey also showed that Americans’ expectations of a recession in the next 12 months declined to the lowest level so far this year; however, about two-thirds of those surveyed still expect a downturn before the end of 2024.
Consumers’ view of current conditions this month inched down modestly to 138.2 from 138.6 in October.
