Consumer Confidence Spikes in November

NEW YORK ( TheStreet ) -- Consumer confidence spiked in November according to a report from the Conference Board.

The Conference Board's monthly consumer confidence index jumped to a reading of 56 for the month, up from a 40.9 reading in October and well ahead of economists expectations for a reading of 44.

"Confidence has bounded back to levels last seen during the summer (July 2011, 59.2)," said Lynn Franco, director of the Conference Board's consumer research center. "Consumers' assessment of current conditions finally improved, after six month of steady declines....Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak."

-- Written by Ross Tucker in New York.

>To contact the writer of this article, click here: Ross Tucker.

>To follow the writer on Twitter, go to http://twitter.com/rosstucker.

>To submit a news tip, send an email to: tips@thestreet.com.

More from Stocks

Dow Rises for First Time in 9 Days, Oil Soars as OPEC Agrees to Boost Output

Dow Rises for First Time in 9 Days, Oil Soars as OPEC Agrees to Boost Output

GM Defies Trump's Trade Outlook by Building New Chevy Blazer in Mexico

GM Defies Trump's Trade Outlook by Building New Chevy Blazer in Mexico

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon

Jim Cramer: Okta Is a Very Expensive Stock

Jim Cramer: Okta Is a Very Expensive Stock

Here's Why Tesla's Solar Shakeup Makes Sense

Here's Why Tesla's Solar Shakeup Makes Sense