NEW YORK, Nov. 29 (UPI) -- U.S. consumer confidence soared in November, from 85.2 in October to 98.9, an industry group said Tuesday.
The Conference Board attributed the big jump to lower gasoline prices and improving job prospects.
"While the index remains below its pre-Katrina levels, the shock of the hurricanes and subsequent leap in gas prices has begun wearing off just in time for the holiday season," said Lynn Franco, head of the board's consumer research group.
"Despite this latest boost in confidence, holiday spending will be driven by the bargains consumers have come to expect."
Consumers' assessment of present-day conditions improved in November. Those claiming business conditions are "good" increased to 25.5 percent from 23.3 percent. Those claiming conditions are "bad" decreased to 17.3 percent from 18.4 percent. Labor market conditions also appear to be improving. Consumers saying jobs are "hard to get" decreased to 23.2 percent from 25.3 percent, while those claiming jobs are "plentiful" was virtually unchanged at 20.8 percent.
