US consumer confidence unexpectedly improved in November to a fresh 17-year high, a sign Americans are growing more confident about the economy and labour market, according to figures Tuesday from the New York-based Conference Board.
The jump in the Conference Board’s measure of expectations signals consumers are growing more upbeat about the outlook for economy and job prospects. The improvement in household confidence will help underpin household spending, the biggest part of the economy, this quarter.
The share of respondents who currently see jobs as plentiful rose to a 16-year high, while the share expecting more jobs will be available six months from now was the highest in eight months. The monthly jobs report due next week is projected to show hiring continued to advance at a healthy clip in November.
In a sign that greater confidence will make for a robust holiday-shopping season, a greater share of respondents indicated they planned to step up purchases of appliances and big-ticket items, as well as more intentions of taking holidays. vacations.
“Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018,” Lynn Franco, director of economic indicators at the Conference Board, said in a statement.
- Bloomberg
