Consumer Confidence in US Economy Rises in November

Despite the uptick, two-thirds of consumers still anticipate a recession within the next year.

Consumer confidence in the US economy rose in November, according to the Consumer Confidence Survey from the Conference Board, with expectations for job availability and incomes improving.
Despite the rise in confidence, about two-thirds of consumers surveyed still anticipate a recession within the next year.
Consumer spending, which accounts for around 70% of US economic activity, rose by a brisk 0.4% in September, but economists forecast a slowdown in the final quarter of the year due to rising credit card debt and falling savings.
Inflation has declined to 3.2% in October, down from a peak of over 9% in June 2022, and gas prices have also fallen to $3.25 per gallon, the lowest since the beginning of the year.
The rise in consumer confidence could boost President Joe Biden's re-election prospects, although his approval ratings remain low, particularly among younger voters.