Consumer Confidence Jumps in November

onsumer confidence jumped in November by the most in more than two years, the New York-based Conference Board said Tuesday.

The group’s index of consumer confidence for the month rose to 98.8 from a revised 85.2 in October. The reading was well above analysts’ forecasts of a 90.2, Bloomberg reported.

The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.

The outlook for the labor market was also more optimistic, with those expecting more jobs to become available in the coming months rising to 14.2% from 12.3%, while those expecting fewer jobs fell to 17.7% from 24% in October, the board said.

Consumers' outlook for the next six months is considerably more upbeat, although not as optimistic as earlier this year. Those expecting business conditions to worsen fell to 11.7% from 18.5%. Those expecting business conditions to improve rose to 18.8% from 14.1%.

Every month the Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.