U.S. consumer confidence improved further in November amid growing optimism over the labor market and a stock market rally.
The Conference Board said Tuesday its consumer confidence index increased to 111.7 this month from an upwardly revised 109.6 in October. Economists polled by Reuters had forecast the index advancing to 111.3 from the previously reported 108.7.
"November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labor market," said Dana Peterson, the chief economist at the Conference Board.
"Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years."