Consumer Confidence Surges in Nov.
NEW YORK (AP) _ Consumer confidence shot higher in November as Americans shrugged off turbulence in global financial markets and instead focused on the healthy U.S. economy.
The Conference Board reported today that its index of consumer confidence rose to 128.3 this month from 123.4 in October. The figure was well above Wall Street’s expectations for the month.
Consumer sentiment is important because consumer spending accounts for two-thirds of the nation’s overall economic activity.
``Recent turmoil on Wall Street and in worldwide financial markets, along with continuing layoff announcements, have not dampened consumer confidence,″ said Lynn Franco, the associate director of the Board’s consumer research center.
Both widely watched components of the index, which is compiled by a private business group in New York, also rose in November.
The present situation index, designed to measure consumers’ current assessment of the economy, surged from 147.5 to 158.9, its highest level since 1969. The expectation’s index, which attempts to measure consumers’ level of confidence in the future, rose to 107.9 from 107.3.