U.S. consumer confidence hits 4.5-year high

Consumer confidence rose to a four-and-a-half-year high in November as consumers became more optimistic about the economic outlook, according to a private-sector report released this morning. The Conference Board, an industry group, says its index of consumer attitudes rose to 73.7, up from an upwardly revised 73.1 the month before and its highest level since February 2008. Economists had expected a reading of 73, according to a Reuters poll. October was originally reported as 72.2. “Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence,” Lynn Franco, director of The Conference Board Consumer Research Center, says in a prepared statement. The expectations index rose to 85.1 from 84, while the present situation index edged slightly lower to 56.6 from 56.7. Consumers’ labor market assessment was little changed in November. The “jobs hard to get” index was flat at 38.8%, while the “jobs plentiful” rose to 11.2% from 10.4%.