After declining for three months, American consumer confidence ticked up in November as the all-important holiday shopping season kicks into high gear.
The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 this month from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6.
The index measures Americans’ assessment of economic conditions and their outlook for the next six months. The main index was boosted by respondents whose outlook for the next six months improved.
The index measuring Americans short-term expectations for income, business and job market rose to 77.8 in November from 72.7 in October. However, it was the third straight reading below 80 for future expectations, which historically signals a recession within year.