CHICAGO – U.S. consumer confidence (search) surged more than expected in November, market sources said Friday, boosted by recent job growth and a stronger stock market.
The University of Michigan's (search) index of consumer sentiment for November raced to 93.5 in a preliminary reading, well above economists' median forecast of 91.0 and a final reading in October of 89.6.
The survey's current conditions index jumped to 102.8 from 99.9 in October.
The University of Michigan consumer sentiment survey, which is released only to paying customers, is based on telephone interviews with 500 U.S. households over the course of the month on personal finances and business and buying conditions.
The preliminary survey, released about midway through the month, is based on the first 250 interviews.