US consumer confidence reaches five-month high

| November 30, 2010 | 0 Comments

US consumer confidence surged ahead in November to a five-month high.

The reading from the closely-monitored Consumer Confidence Index from the Conference Board rose for the second consecutive month to 54.1 in November - up from a revised 49.9 in October and beating expectations of a reading of 52.5.

However, while the index rose, it remains far away from the 90 points required to show that the world’s largest economy is on solid footing.

Since the index commenced in 1967, the average reading has been 95.6.

Commenting on today’s figures, Lynn Franco, director of the Conference Board Consumer Research Centre said: “Consumer confidence is now at its highest level in five months, a welcome sign as we enter the holiday season.“

In other US news today, it has been revealed that house prices fell more than expected in September.

According to the Case-Shiller index of 20 major US cities, US house prices fell 0.8% compared with the previous month, on a seasonally-adjusted basis.

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