Consumer confidence index rebounds

By Ben Rooney
CNNMoney.com
NEW YORK (CNNMoney.com) - A key measure of consumer confidence rose in
November, after falling to an all-time low the month before, as American
households continue to grapple with the weak economy.The Conference Board, a New York-based business research group, said
Tuesday that its Consumer Confidence Index rose to 44.9 in November from an
all-time low of 38 in October. It was significantly better than 39.5 reading
that economists surveyed by Briefing.com had forecast.

Still, the index remains at historically low levels as consumers shun
spending on discretionary items amid rising unemployment, tight credit and
volatile financial markets.

November's decline "suggest that the economy has weakened further in the
final months of this year," said Lynn Franco, director of the Conference Board
Consumer Research Center, in a statement.

"Consumers remain extremely pessimistic and the possibility that economic
growth will improve in the first half of 2009 remains highly unlikely," Franco
added.

Tuesday's report comes shortly after federal officials announced plans to
pump more in money into the consumer debt market.

The Federal Reserve Bank of New York will lend up to $200 billion to
holders of securities backed by consumer debt, such as credit card debt, auto
and student loans.

The Consumer Confidence Index is based on a monthly survey of 5,000 U.S.
households that concluded on Nov. 18.