The Conference Board’s consumer confidence index rose significantly in November after posting a decline in October. The index rose to a reading of 107.1 (1985=100), up from 100.8 in October.

“Consumer confidence improved in November after a moderate decline in October, and is once again at pre-recession levels,” said Lynn Franco, director of economic indicators at The Conference Board. The Index stood at 111.9 in July 2007.

“A more favorable assessment of current conditions coupled with a more optimistic short-term outlook helped boost confidence,” Franco said. “And while the majority of consumers were surveyed before the presidential election, it appears from the small sample of post-election responses that consumers’ optimism was not impacted by the outcome. With the holiday season upon us, a more confident consumer should be welcome news for retailers.” 

Consumers’ assessment of current conditions improved in November. Those saying business conditions are “good” rose to 29.2% from 26.5%, while those saying business conditions are “bad” fell to 14.8% from 17.3%.

Consumers’ outlook for the labor market was also moderately more positive than last month. The percentage of consumers stating that jobs were “plentiful” rose to 26.9% in November from 25.3% in October, while those claiming jobs are “hard to get” was unchanged at 21.7%. In addition, the proportion expecting more jobs in the months ahead was virtually unchanged at 14.5%, but those anticipating fewer jobs fell to 13.8% from 16.6%.