U.S. consumer confidence recovered in the latest month, after plunging to an all-time low in October, the Conference Board reported today. The consumer confidence index jumped to 44.9, from an upwardly revised 38.8 in the month of October. Economists were expecting a reading of 39.
Much of the improvement was due to the dramatic fall of gas prices, which perked up consumers in November. One-year inflation expectations among consumers declined to 5.9% in November from 6.8% in the prior month.
But concern is growing over the current jobs market (Via MarketWatch):
Overall consumers’ expectations were less pessimistic, with that index rising to 46.7 from 35.7. Those expecting business conditions to worsen over the next six months declined to 28.1% from 36.5%, and those expecting fewer jobs declined to 33.3% from 41.5%.
However, consumers’ view of current conditions worsened in November, with that index declining to 42.2 from 43.5. Those saying jobs are “hard to get” rising to 37.2% from 36.6% in the prior month. Those saying business conditions are “bad” rose to 40.3% from 37.1%.
In November 2007, the consumer confidence index stood at 87.8.
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