ECONOMY EN FUEGO II
Even more important than the actual growth in the economy is the perception of same:
U.S. consumer confidence surged to its highest level in over a year, exceeding economists’ rosy expectations, as consumers grew more hopeful about the job market, a report said on Tuesday.
Private research firm the Conference Board said its index of consumer confidence climbed to 91.7, its highest level since Sept. 2002, from a revised 81.7 in October. Wall Street analysts had forecast a rise to 85.0.
“Consumers believe a slow but sure labor market turnaround is underway,” said Lynn Franco, director of research at the Conference Board.
The percentage of consumers saying that jobs were hard to get fell to 29.5 percent in November from 33.7 percent the previous month. Consumers’ view of the future grew rosier, lifting the expectations component of the index to 99.4 in Nov. from 91.5. The present situation index rose to 80.1 from 67.0.
The sad thing is that there are some people who would actually be disappointed that the economy is getting better.
—