Gold Down But Still Positive After Strong Rise In Consumer Confidence

Gold Down But Still Positive After Strong Rise In Consumer Confidence

Trump took credit for rising consumer confidence in an evening tweet - and said he's the one who should be thanked. The November reading was revised higher to 109.4 from 107.1 previously reported.

The results corroborate surveys by the University of MI and the National Federation of Independent Business, which showed jumps in household and business sentiment on Trump's pledges to increase jobs, cut taxes and ease regulations. Those expecting business conditions to improve over the next six months increased from 16.4% to 23.6%.

The Conference Board said its consumer confidence index jumped 4.3 points for the month to 113.7, easily surpassing an analyst forecast and extending gains made in November to reach the highest point since August 2001. It is based on consumers' perceptions of current business and job market conditions, as well as their expectations for business, employment, and income for the next six months.

Franco added that consumer confidence in 2017 will hinge on whether expectations of economic growth and policy are met.

Additionally, consumers saying jobs are "plentiful" declined to 26.9% from 27.8%, and those claiming jobs are "hard to get" rose to 22.5% from 21.2%. "It remains to be seen whether Trump can deliver", but the burst in confidence could drive consumer spending higher. That would be the biggest increase since 2005.

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