Consumer confidence up just in time for holidays

? Consumers’ confidence in the economy rebounded in November after sinking to a nine-year low, raising hopes that the holiday shopping season will see more Santas than Scrooges.

Other reports issued Tuesday also suggested that the economy can get through its rough patch without sliding into a new recession: The economy grew more briskly in the summer than previously thought and new-home sales slowed in October but still posted the third best month on record.

The latest batch of economic news indicated that consumers – the main force keeping the economy going this year – will keep their pocketbooks and wallets open wide enough to prevent the economic recovery from fizzling, economists said.

“Shell-shocked consumers paused for a while in the fall, but now they are feeling better,” said Sung Won Sohn, chief economist at Wells Fargo. “The confidence report … points to a decent holiday shopping season. I don’t think consumers will turn out to be the Scrooges that many feared.”

Consumer confidence, after sagging for five months, rose in November, lifted by improved expectations about employment and income, the Conference Board said. The private research group’s Consumer Confidence Index jumped to 84.1 from 79.6 in October, a nine-year low.

With consumers in better spirits and a refinancing boom providing many people with extra cash, “the holiday shopping season might come in on the strong side of expectations,” said Merrill Lynch economist Gerald Cohen.