28.11.201722:23:00UTC+00U.S. Consumer Confidence Surges in November

U.S. consumer confidence jumped to an almost 17-year high in November, fueled by a solid labor market. Meanwhile, prices of real estate sharply rose in September, which should underline consumer spending and bolster economic growth.

The Conference Board's consumer confidence index rose 3.3 points to show a reading of 129.5 this month, close to 132.6, the high reached in November 2000. The solid confidence reading mostly mirrored U.S. household's upbeat views of the jobs market.

Confidence among consumers is also being lifted by a strong stock market amid expectations that U.S. President Donald Trump, along with the Republicans in Congress will secure a win in revamping the tax code.

The labor market differential also reached its highest level in over 16 years. Meanwhile, the proportion of the survey anticipating fewer jobs slid to 11 percent in November from 11.6 percent in the previous month. More consumers said they are looking to acquire more houses and major appliances over the next six months.

In another report by the Commerce Department, the goods trade deficit surged 6.5 percent to $68.3 billion in October, bolstered by increasing imports of industrial supplies, consumer and other goods. Meanwhile, exports declined 1.0 percent as shipments of food, motor vehicles, capital and consumer goods fell.