Survey results indicate that consumer sentiment is on the increase.
According to The Conference Board's Consumer Confidence Index, after declining to 40 last October, the Index surged to 56 one month later, the highest it’s been since July, as noted by Lynn Franco, director of consumer research at The Conference Board.
"Confidence has bounced back to levels last seen during the summer," she said.
Also showing marked improvement in November compared to October was the Expectation Index, which gauges consumers' impressions about employment prospects and how likely it is that they'll be increasing spending activity. At 67.8, the Expectations Index rose nearly 17 points. Consumers' appraisal of present conditions rose that month as well, with 13 percent saying business conditions were "good," up from the 11 percent who said the same thing in October.
Financial experts say 70 percent of the nation's economy is made up of consumer spending. For that reason, the more confident consumers tend to be, the more likely they'll increase their buying activity.
Something else that can heighten a consumer's financial confidence is a clean credit report. Individuals can obtain free copies of their credit reports online to check their creditworthiness.