A measure of consumer confidence rebounded on more optimistic expectations for business and labor conditions.

The Conference Board reported its Consumer Confidence Index rose 2.9 points to 102 in November. The gain reversed three consecutive months of declines.

“Consumer expectations for the next six months recovered in November, reflecting improved confidence about future business conditions, job availability and incomes,” said Dana Peterson, chief economist of the Conference Board, a New York-based think tank.

Still, the latest survey results upon which the index is based also reflect concerns about higher prices and the possibility of recession, Peterson said. “Around two-thirds of consumers surveyed in November still perceive a recession to be somewhat or very likely to occur over the next 12 months. This is consistent with the short and shallow recession we anticipate in the first half of 2024.”

Plans to purchase homes, automobiles and large appliances continued to trend downward on a six-month basis, Peterson said, a likely result of the effects of higher interest rates on financing.

Less optimistic assessments of current business and labor conditions nudged the present situation component of the index down four-tenths of a point to 138.2.

The share of consumers who responded to the survey who called business conditions good rose 1.5 points to 19.8 percent. But the proportion of those who considered conditions bad also rose — seven-tenths of a point to 19.5 percent.

The share of consumers who said jobs were plentiful increased 1.4 points to 39.3 percent. The proportion of those who said jobs were hard to get rose 1.3 points to 15.4 percent.

A more upbeat outlook among consumers pushed the expectations component of the index up 5.1 points. But at 77.8, the latest reading remained for a third straight month below 80, a level that historically signals a recession within the next year.

The proportion of consumers who said they expect business conditions to improve over the next six months rose 1.8 points to 17.3 percent. The share of those who anticipated worsening conditions fell 1.4 points to 19.5 percent.

The proportion of consumers who expect more jobs to become available rose eight-tenths of a point to 16.1 percent. The share of those forecasting fewer jobs slipped a tenth of a point to 19.6 percent.

While 17.2 percent of consumers said they expect their incomes to increase, 12.1 percent anticipated less income.