Optimism about the job market is driving consumer confidence.
The Consumer Confidence Index calculated by the Conference Board rose to 73.7 in November, up slightly from 73.1 the month before. That’s the highest level since February 2008.
Solid hiring in the fall has fueled much of the recent improvement in sentiment. In November, 20.3% of people surveyed said they expect more jobs in the next six months.
“Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market, and this turnaround in sentiment is helping to boost confidence,” said Lynn Franco, director of economic indicators at The Conference Board, in a statement.