Falling Gas Prices Lift Consumer Confidence

Washington, DC, Nov. 25, 2008--Falling gas prices were good for consumer confidency, according to the monthly Conference Board index.

The board reported Tuesday that confidence rose from a record low in October. The November consumer confidence index increased to 44.9 from an upwardly revised October reading of 38.8. Economists  had expected a November reading of 39.

"Inflation expectations, which have been at historically high levels in recent months, subsided considerably as a result of falling gas prices," said Lynn Franco, director of the Conference Board's Consumer Research Center.

However, consumers' view of current conditions worsened in November, with those saying jobs are "hard to get" rising to 37.2% from 36.6% in the prior month.