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VOL. 127 | NO. 230 | Monday, November 26, 2012

US Consumer Confidence Rises to 5-Year High

CHRISTOPHER S. RUGABER | AP Economics Writer

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WASHINGTON (AP) – U.S. consumers are optimistic the unemployment rate will drop over the next 12 months, boosting their confidence to the highest level in five years.

The University of Michigan says its consumer sentiment index ticked up to 82.7 this month from 82.6 in October. The index has increased 19 percentage points in the past year.

Optimism about the job market is high. Of those surveyed, 30 percent expect the unemployment rate will fall over the next 12 months. That matches October's percentage and is the highest since 1984.

Still, consumers are concerned about the "fiscal cliff," the combination of tax increases and spending cuts scheduled to take effect at the beginning of next year. If the White House and Congress don't reach a deal to avoid the cliff, confidence could fall.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 327 11,765
MORTGAGES 76 371 15,350
FORECLOSURE NOTICES 41 112 3,023
BUILDING PERMITS 382 972 28,226
BANKRUPTCIES 65 345 11,307
BUSINESS LICENSES 19 117 4,155
UTILITY CONNECTIONS 184 700 17,184
MARRIAGE LICENSES 20 100 3,564

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