SAN RAFAEL, Calif.—An improving jobs picture and lower gas prices have consumer confidence improving, according to a new report.
The November preliminary Money Anxiety Index improved to 67.1, only 8.5 index points higher than its level seven years ago on the eve of the Great Recession.
The Money Anxiety Index measures consumers' level of financial worry and stress. Historically, the Index fluctuated from a high of 135.3 during the recession of the early 1980s, to a low of 38.7 in the mid 1960s.
The November improvement marks two consecutive months that consumer confidence has improved, according to the Money Anxiety Index.
The improvement comes amid continued positive news on employment, noted Dan Geller, chief research officer of the index. The October employment figures show that the economy added 214,000 non-farm jobs, which brings the three-month employment average to a gain of 224,000 per month, he stated. Geller added that the October employment report also contains encouraging news on the labor force participation rate rising to 62.8%, meaning that more people are actively searching for jobs.
Geller predicted the approaching holiday-shopping season will benefit from the continued improvement in consumers' level of financial anxiety.
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