After declining for six consecutive months, the The Conference Board reports its Consumer Confidence Index improved 15 points to 56.0 in November -- returning to levels seen this summer.
Lynn Franco, Director of The Conference Board Consumer Research Center, says: “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.”
The Conference Board says consumers’ outlook for the job market also improved. Those expecting more jobs in the months ahead rose to 12.9% from 10.8%, while those expecting fewer jobs decreased to 24.1% from 27.6%. The proportion of consumers anticipating an increase in their incomes rose to 14.9% from 11.1%.
Juli says: Well there ya go... that explains why people were trampling over each other last weekend to post the strongest start to holiday shopping in history. Cyber Monday sales were also reportedly 33% stronger than last year. This is good news for meat demand heading into the holiday season, as consumers feel more confident about the economy moving forward and may favor higher quality cuts.
