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November 29, 2011

Consumer Confidence Rebounds

The Conference Board's much-watched Consumer Confidence Index improved in November after mostly declining throughout 2011.

The index stands at 56, soaring up from 40.9 in October. A reading of more than 50 indicates more consumer optimism than pessimism.

Lynn Franco, director of The Conference Board Consumer Research Center, said the rebound in confidence bodes well for business at this time of year. "Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak," she said.

Consumers' appraisal of current economic conditions also improved in November. Those stating business conditions are "good" increased to 13.3 percent from 11.2 percent, while those stating business conditions are "bad" declined to 38.2 percent from 43.7 percent. Consumers also have more optimism about the labor market. Those claiming jobs are "plentiful" increased to 5.8 percent from 3.6 percent, while those saying jobs are "hard to get" decreased to 42.1 percent from 46.9 percent.

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