US consumer confidence holds near best level since 2004, good signal for Xmas

Americans are looking confidently to the future in a potentially strong signal for spending over the Christmas holidays, according to the results of closely-followed survey.

The University of Michigan's consumer confidence index for November was revised higher to a final reading of 98.5 from a preliminary print of 97.8.

Economists had forecast a smaller mark-up, to 98.2 after a reading of 100.7 for October.

A sub-index tied to consumer expectations held up best, albeit while slipping from a print of 90.5 for October to 88.9 for the current survey month.

Meanwhile, the sub-index tracking consumers' assessment of the present situation came in at 113.5, down from 116.5 in the previous month.

Richard Curtin, the survey's chief economist, highlighted how the headline index was little changed since the beginning of the year and its best level since 2004.

"In contrast to the media buzz about approaching cyclical peaks and an aging expansion, with the implication of greater uncertainty about future economic trends, consumers have voiced greater certainty about their expectations for income, employment, and inflation.

"[...] Overall, the data signal an expected gain of 2.7% in real consumption expenditures in 2018, and more importantly for retailers, the best runup to the holiday shopping season in a decade."