Consumer confidence soars in November

The outlook for the holiday shopping season brightened Tuesday with news that consumer confidence soared in November in response to a drop in gasoline prices and a pickup in the job market.

The surge in the Conference Board’s Consumer Confidence Index raised hopes that Americans would be shopping enthusiastically by the end of the holidays despite this past weekend’s mixed start to the season.

A separate report Tuesday of a jump in durable goods orders provided another sign of an improving economy that’s likely to boost shoppers’ spirits.

“It looks like consumers will be in a more giving mood,” said Gary Thayer, chief economist at A.G. Edwards & Sons in St. Louis.

The Conference Board said its Consumer Confidence Index rose to 98.9 this month, the highest level since August, when the reading was 105.5.