(Nov 26): US consumer confidence increased in November to the highest level in more than a year on optimism about the economy and labour market in the wake of Donald Trump’s election victory.

The Conference Board’s gauge of confidence rose 2.1 points to 111.7 this month, data released Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 111.8.

A measure of expectations for the next six months edged to 92.3, an almost three-year high. A gauge of present conditions increased to 140.9.

An easing in price pressures and still-favourable job-market conditions are helping to shore up consumer attitudes. At the same time, many households remain financially stretched because of elevated interest rates and the rise in the cost of living over the past few years.

“November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market,” Dana Peterson, chief economist at the Conference Board, said in a statement. “Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years.”

The share of consumers that said jobs were currently plentiful eased this month, though so did the share saying jobs were hard to get.

The difference between these two — a metric closely followed by economists to gauge the job market — widened for a second month. A larger share of respondents expect more jobs to be available in the next six months.

Inflation expectations over the coming year dropped to the lowest level since March 2020.

Uploaded by Magessan Varatharaja