Consumer Confidence Rose to Highest Level Since July

November 29, 2011 - 11:05 AM
Consumer Confidence

FILE - In this Sept. 29, 2011 file photo, a woman and child leave a mall with purchases in Culver City, Calif. Consumers' confidence in the economy fell in October to the lowest it's been since 2009 when the U.S. was in the middle of a deep recession, according to a report released Tuesday, Oct. 25, 2011, by a private research group.(AP Photo/Reed Saxon, File)

New York (AP) — Americans' confidence in the economy in November rose to its highest level since July, accord to a report by a private research group.

The Conference Board says Tuesday its Consumer Confidence Index rose 15 points to 56.0, up from a revised 40.9 in October. The October number was the lowest level since the recession.

The November reading was the highest level since July, when it was 59.2. The 15-point increase was the biggest jump since May 2009, when there was a 14 percent increase.

A reading of 90 indicates the economy is on solid footing. Economists watch the number closely because consumer spending accounts for about 70 percent of economic activity.