Despite Debt, Unemployment, Consumer Confidence Increases

Americans are still struggling with mounting credit card debts, fears of foreclosure and unemployment in recent months; however a new economic report indicates consumers are more confident that the country is headed in the right direction.

The Conference Board released its sentiment index on Wednesday finding overall consumer confidence rose to 54.1 in November - up from 49.9 in October.

For the month, the survey showed consumers to be more optimistic about a host of important issues including future job prospects, short-term economic outlook, and overall financial expectations.

The Expectations Index was the main driver of the increase in consumer confidence. The survey, which samples 5,000 households nationwide found this barometer rose nearly 7 points from 67.5 to 74.2 for the month.

"The economy has weathered the soft patch and is regaining some lost momentum," Ward McCarthy, chief financial economist at Jefferies and Company, told Bloomberg. "Consumers are being fairly jolly as far as the early Christmas season is concerned."

Experts hope this confidence will continue through the holiday season, carrying strong sales numbers from Black Friday and Cyber Monday through the end of 2010.