Consumer confidence increasing this month, but people still expressing frustration over lack of jobs

Consumer confidence improved in November despite continued pessimism over the labor market. The Conference Board's index rose more than four points to 54.1 led by gains in the expectations component, the leading component that points to overall improvement in future months. The assessment of the current situation improved but only marginally.

The lack of meaningful improvement in the current situation reflects frustration over jobs. Those saying jobs are hard to get inched yet higher to 46.5 percent. Those saying jobs are plentiful rose a half percentage point to a still miniscule 4.0 percent.

Buying plans for homes are a major negative, down a half percentage point to only 1.7 percent. Buying plans for appliances edged down while buying plans for autos edged higher. No better than mixed, this report underscores a lack of confidence in the jobs and housing markets.

Via Conference Board:
“Consumer confidence is now at its highest level in five months, a welcome sign as we enter the holiday season. Consumers’ assessment of the current state of the economy and job market, while only slightly better than last month, suggests the economy is still expanding, albeit slowly. Expectations, the main driver of this month’s increase in confidence, are now at the highest level since May (Exp. Index, 84.6).

Conference Board release


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