US consumer confidence is soaring, rising higher over the past month to the highest level since August 2019. The Microsoft News-CivicScience Economic Sentiment Index (ESI) has increased by 1.0 point in the past couple of weeks to touch 51.3 on November 12.

Consumer confidence towards making major purchases soared by 4.3 points to 55.4 over the past two weeks, driving the rise in the overall reading. Consumers surveyed also feel more optimistic about the US economy and the job market. However, consumers felt less hopeful about their personal finances, with this sub-index registering a 1.2 point decrease after climbing 2.4 points higher previously.

The positive sentiment among US consumers coincides with the ongoing rally on Wall Street where DOW and SPX have hit record highs. Upbeat Q3 earnings have caused economists also to turn more hopeful for the US economy to post a rebound in the coming year.