Shocker: Consumer Confidence Improves

From a press release from the Consumer Confidence Index:

The Conference Board Consumer Confidence Index Improves Moderately, But Present Situation Weakens

November 25, 2008

The Conference Board Consumer Confidence Index™, which had declined to an all-time low in October, improved moderately in November. The Index now stands at 44.9 (1985=100), up from 38.8 in October. The Present Situation Index decreased to 42.2 from 43.5 last month. The Expectations Index increased to 46.7 from 35.7 in October.

The Consumer Confidence Survey™ is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world’s largest custom research company. The cutoff date for November’s preliminary results was November 18th…

Consumers’ assessment of current conditions deteriorated further in November. Those claiming business conditions are "bad" increased to 40.3 percent from 37.1 percent, while those claiming business conditions are "good" edged up to 9.9 percent from 9.4 percent last month. Consumers’ assessment of the labor market was more negative than a month ago. Those saying jobs are "hard to get" rose to 37.2 percent from 36.6 percent in October, while those claiming jobs are "plentiful" decreased to 8.8 percent from 9.0 percent.

Consumers’ short-term outlook was less pessimistic. Those anticipating business conditions to worsen over the next six months declined to 28.1 percent from 36.5 percent, while those expecting conditions to improve rose to 11.4 percent from 9.6 percent.

The outlook for the labor market was also less negative. The percent of consumers anticipating fewer jobs in the months ahead declined to 33.3 percent from 41.5 percent, while those expecting more jobs increased to 9.2 percent from 7.3 percent. The proportion of consumers anticipating an increase in their incomes increased to 13.3 percent from 11.1 percent.

Let’s see if we are reading this right:

The Conference Board Consumer Confidence Index™, which had declined to an all-time low in October, improved moderately in November. The Index now stands at 44.9 (1985=100), up from 38.8 in October. The Present Situation Index decreased to 42.2 from 43.5 last month. The Expectations Index increased to 46.7 from 35.7 in October.

According to the "Expectations Index," everyone knows the economy will get better after the Obama ascendency.

But, given their glumness about the "Present Situation," they realize things won’t improve until Bush leaves office.

Gee, where did anyone get that impression?