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CONSUMER CONFIDENCE
RISES IN NOVEMBER
Consumer confidence climbed five points in November, regaining nearly all the ground lost in October. The Conference Board's Consumer Confidence Index now stands at 128.3 (1985=100), up from 123.4 in October.
While both major components of the Index rose this month, the upswing was driven by growing confidence in current economic conditions. The Present Situation Index climbed from 147.5 in October to 158.9 today, the highest reading for this barometer since 1969. The Expectations Index rose by less than one point, from 107.3 to 107.9.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. It is conducted for The Conference Board by NFO Research, Inc., of Greenwich, Connecticut.
The percentage of families labeling present business conditions as good increased by 37.5%, up from 33.7% in October. Only 10% cal current conditions bad, down from 12.6% in October.
Optimism about America's job market was a key factor in boosting overall confidence. Some 37% say jobs are plentiful, up from 33.5% in October. Families also are generally confident about their family's income, with about 29% expecting an increase, up from 25.8% in October.
“Recent turmoil on Wall Street and in worldwide financial markets, along with continuing layoff announcements, have not dampened consumer confidence,” says Lynn Franco, Associate Director of The Conference Board's Consumer Research Center. “Consumers continue to express confidence about the health of the U.S. economy and expect these favorable conditions to continue well into 1998.”
Conference Board
U.S. Consumer Confidence
Nov 97(p) Oct 97-R Sep 97 Aug 97 Consumer Confidence 128.3 123.4 130.2 127.6 Present Situation 158.9 147.5 157.6 156.1 Expectations 107.9 107.3 111.9 108.7 Jul 97Jun 97May 97Nov 96 Consumer Confidence 126.3 129.9 127.9 109.5 Present Situation 154.5 157.1 152.6 133.4 Expectations 107.6 111.7 111.4 93.5
(p)–Preliminary.
(r)–Revised.
November 25, 1997 The Conference Board
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