Confidence holds at 5-year high

Consumer confidence held at a five-year high in November, but there were signs that concerns about the “fiscal cliff” are starting to weigh on sentiments.

The final November index of consumer sentiment stood at 82.7 based on the widely followed survey by Thomson Reuters/University of Michigan. That’s a notch above the 82.6 reading for October, but down from the 84.9 preliminary index earlier in November.

Details of the report released Wednesday showed consumers’ mood about current conditions brightened in November, most likely reflecting the improving housing market and gains in job growth in October.