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Consumer Confidence in U.S. Increases to a Nine-Year High

Photographer: Mark Kauzlarich/Bloomberg
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Consumer confidence rose in November to the highest level since July 2007 on increased optimism about the U.S. labor market and economy, according to a report Tuesday from the New York-based Conference Board.

A little more than 29 percent, the largest share in three months, said the current economy was in good shape and more respondents indicated jobs were plentiful, which bodes well for consumer spending through the holiday-shopping season. While a majority of respondents were surveyed prior to the presidential election, a small sample of responses after it showed no impact on sentiment. Plans to purchase major appliances were the strongest since January, according to the report.