Consumers in the U.S. continued to view current conditions favorably and their optimism about future economic conditions improved further in November on a more upbeat assessment of labor market conditions, the Conference Board said.
The Conference Board's consumer confidence index rose for the fifth straight month to 129.5 in November from 126.2 in October.
"Consumers are entering the holiday season in very high spirits and foresee the economy expanding at a healthy pace into the early months of 2018," said Lynn Franco, director of economic indicators.
The present situation index, a measure of current business and employment conditions, increased to 153.9 from 152.0. The percentage of consumers who viewed current conditions as "good" increased to 34.9% from 34.4%, while consumers who said current conditions are "bad" decreased to 12.7% from 13.5%. The percentage of those saying jobs are "plentiful" increased to 37.1% from 36.7%, and those who said jobs are "hard to get" decreased to 16.9% from 17.1%.
Optimism about economic conditions in the next six months improved further in November, with the expectations index rising to 113.3 in November from 109.0 in October.
The percentage of consumers who expect more jobs in the next six months rose to 22.6% from 18.7%, while the percentage of those who expect fewer jobs declined to 11.0% from 11.6%. Consumers expecting an improvement in income in the next six months decreased slightly to 20.1% from 20.3%, while the percentage of those expecting a decrease in income remained virtually unchanged at 7.6%.