United States: Consumer confidence rebounds ahead of the holiday shopping season
November 29, 2011
In November, the Conference Board consumer confidence index jumped to 56.0 points from the revised 40.9 points observed in October (previously reported: 39.8 points). The print marked the highest reading since July and surprised the market on the upside, as analysts had the index recovering only modestly to 45.0 points. According to the Conference Board, ?consumers' assessment of current conditions finally improved, after six months of steady declines. Consumers' apprehension regarding the short-term outlook for business conditions, jobs and income prospects eased considerably. Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak?. November's rebound in consumer sentiment comes in line with early figures that suggest a strong start to the holiday shopping season, as well as a drop in unemployment. Overall, the latter bodes well for a rebound in private consumption in the final quarter of the year.