The Consumer Confidence Index, which was up the month of October, further improved in November. The index currently stands at 129.5, up from 126.2 in October and the Present Situation Index increased from 152.0 to 153.9.
So what does this all mean?
Consumer confidence increased for the fifth consecutive month and is at a 17-year high. We as consumers' believe conditions are improving moderately and our outlook on the short-term outcome is pretty positive. We're entering the holiday season in a cheerful spirit foreseeing further economic improvements in 2018. More consumers in the month of November believed business conditions to be good while their assessment of the labor market also increased.
It's safe to say that consumers' optimism is at a notable high, a promising outlook going into the new year. 2018 foresees more jobs, better business conditions, and overall improvements across the economy.
The Consumer Confidence Survey is provided by The Conference Board which published the Consumer Confidence Index on the last Tuesday of every month. For more info visit their site here.
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