US consumer confidence rose for the first time in four months in November, aided by more optimistic views about the outlook for the labor market.
The Conference Board’s index increased to 102 this month from a downwardly-revised 99.1 in October, according to data released yesterday.
The steady slowdown in inflation is offering consumers some much-needed relief after years of stubborn price increases. Combined with a still-resilient labor market, that has allowed real wages to begin rising again and given Americans the ability to keep spending.
“General improvements were seen across the spectrum of income groups surveyed in November,” Dana Peterson, Chief Economist at the Conference Board, said in a statement. “Consumers remain preoccupied with rising prices in general, followed by war/conflicts and higher interest rates.”
The data also shows that the perceived likelihood of a recession over the next year fell to the lowest level in 2023, though around two-thirds still expect one to happen.
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