U.S. consumer confidence bounced back from a nine-year low in November, ending a series of five consecutive monthly declines.

The U.S. Conference Board Consumer Confidence Index rose to 84.1 from 79.6 in October, which was a bit less than expected.

BMO Nesbitt Burns says that the “expectations” sub-index increased an impressive 7.3 points to 88.4, while the “present situation” sub-index edged up from an 8½ year low reported last month to 77.6. “On a sour note, the key “jobs-hard-to-get” measure rose to a new eight-year high of 27.5%, while “jobs plentiful” fell to 14.1%, a level not seen since March 1994. The gap between the two continues to expand, reaching a new eight-year high. Consumers continue to see a worsening job market as the jobless recovery theme marches on.”

RBC Financial Group economists say, “If business confidence follows consumer confidence, we should see an improvement shortly. Pessimism seems to have peaked in late October early November and is now abating.”

“While the improvement in consumer confidence is impressive, it is coming off October’s depressed level,” concludes Nesbitt. “It may be too early to determine whether November’s rebound will be sustainable or just a technical rebound. However, confidence should get another boost next month if equity markets continue to recover.”

RBC also notes that October new home sales data was released, completing the picture for the U.S. housing market in October. “They fell 4.5% in October but from an upwardly revised and record level in September. The average price for a new home also rose in October supporting the notion that U.S. housing market conditions continue to be robust,” it reports.