Consumer Confidence Jumps in November

Consumer confidence rose in November by the most since April 2003, the New York-based Conference Board said Tuesday.

The group’s monthly index surged to a reading of 56, from a revised 40.9 reading in October that was higher than originally reported.

Economists had forecast a reading of 44, Bloomberg reported.

An improvement in confidence may increase consumer spending, which accounts for 70% of the economy.