Consumer confidence in the US in on a nine-year peak

According to the sentiment index of the Conference Board research firm published on Tuesday, consumer confidence increased sharply to 107.1 points in November from an upwardly-revised 100.8 for October, which was originally reported as 98.6. This was the highest reading since the middle of 2007 and comfortably above market expectations of 101.2 points.

The present situation index strengthened to 130.3 points from 123.1 points previously, while the expectations index strengthened to 91.7 points from the 86.0 points in October.

There was an increase in the proportion of consumers saying conditions were good from 26.5 percent to 29.2 percent with a significant decline in the number stating conditions are bad. (MTI)