Consumer confidence hits 107.1 in November, versus 101.2 estimate

Consumers had a more optimistic outlook about the economy in November, according to a monthly survey released Tuesday.

The Consumer Confidence Index hit 107.1 in November, up from 98.6 in October, according to data from The Conference Board on Tuesday, the highest since July 2007.

Economists expected the consumer confidence index to hit 101.2, according to a Thomson Reuters consensus estimate.

The survey, a closely followed barometer of consumer attitudes, measures confidence toward business conditions, short-term outlook, personal finances and jobs.

An employee scans a purchase during Black Friday sales at a Target store in Culver City, California, November 25, 2016.
David McNew | Reuters
An employee scans a purchase during Black Friday sales at a Target store in Culver City, California, November 25, 2016.

"Consumer confidence improved in November after a moderate decline in October, and is once again at pre-recession levels," said Lynn Franco, director of economic indicators at The Conference Board.

Franco added that while the majority of consumers were surveyed before the presidential election, it appeared from the post-election sample that optimism was not impacted by the outcome.

The percentage saying business conditions are "good" increased to 29.2 percent in November from 26.5 percent, while those saying it was "bad" fell to 14.8 percent from 17.3 percent, according to the report. Furthermore, the percentage of consumers that said jobs are "plentiful" increased to 26.9 percent from 25.3 percent.

The report stated, however, the proportion expecting more jobs in the months ahead was unchanged at 14.5 percent, but those anticipating fewer jobs fell to 13.8 percent from 16.6 percent.