American consumers are feeling slightly more confident this month as the holiday shopping season begins.
The Conference Board reported that the consumer confidence index rose to 102 in November from 99.1 in October, surpassing the 101-reading expected by economists.
The index for short-term expectations increased to 77.8, from 72.7 in October. However, it is the third consecutive reading below 80, which historically indicates a recession within a year.
Despite the rebound in morale, about two-thirds of consumers surveyed in November still perceived a recession to be “somewhat” or “very likely” to happen over the next year. Read more.