Consumer Sentiment Index; Jobless Claims Fall

Two economic reports released on Wednesday offered a glimmer of hope heading into the start of the holiday shopping season, as the University of Michigan consumer sentiment index rose while new claims for state unemployment benefits fell.

The university said that its final reading for November was 83.9, compared with 82.7 in October. The mid-November reading was 83.5.

This report shows that consumers are feeling more upbeat about their finances and economic prospects, Bloomberg said.

This is important because consumer spending accounts for two-thirds of all economic activity. When consumers are feeling more confident, they will likely spend more, which will in turn mean more business for trucking companies as stores restock shelves.

The Labor Department said that for the workweek ended Nov. 17, new jobless claims dipped by a seasonally adjusted 15,000 to 427,000. It was the fourth straight weekly decline.

The drop in new claims last week put them at the lowest level since the week ending Sept. 15. That earlier report, however, did not capture layoffs resulting from the terror attacks because most affected workers were not able to file applications for jobless benefits that week.

Labor also said the more stable four-week moving average of new claims, which smoothes out week-to-week fluctuations, declined last week to 454,250, the lowest level since Sept. 22.

The University of Michigan said its index of current economic conditions was 95.3 in November, up from 94 last month. The index of expectations was 76.6, compared with 75.5 in October.

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