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"Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak"
- Lynn Franco, director of The Conference Board Consumer Research Center
U.S. consumer confidence rose the most in more than 8 years in November as consumers became more optimistic on the outlook of the country's economy, the Conference Board Inc. said on Tuesday. An index of sentiment advanced to 56 points in November from 40.9 points in October.
"Consumers' assessment of current conditions finally improved, after six months of steady declines," Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement. "Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak."
"This is a huge rise in consumer confidence. It gets us back to second-quarter levels and further underscores the dramatic move that we've seen in consumer spending," said Lindsey Piegza, economist at FTN Financial in New York.