Consumer confidence on the rise

The Thomson Reuters/University of Michigan Consumer Confidence Index rose to its highest level in five months in early November as Americans felt better about the economic outlook.
The overall index on consumer sentiment rose to 64.2 from 60.9 in October, topping the median forecast of 61.5 among economists polled by Reuters.
The survey’s gauge of consumer expectations climbed to 56.2 from 51.8. The survey’s barometer of current economic conditions nudged up to 76.6 from 75.1.
All three main indexes were at their highest level since June.
The view on the labor market was less pessimistic, with 27 percent expecting unemployment to rise, down from 43 percent three months ago.
Vehicle buying plans improved as 60 percent of consumers said buying conditions were favorable, helped by price discounts.
Consumer spending accounts for about 70 percent of U.S. economic activity, making it crucial for a strong recovery.