The New York-based Conference Board said its consumer confidence index climbed to 44.9, the second-lowest reading since 1974, from the 38.8 reading in October. The rise in consumer confidence is attributed to receding gas prices; however, Americans' view on the economy remains at its lowest levels in decades as they struggle with layoffs, tumbling home prices, and deteriorating retirement funds. Furthermore, the present situation index dropped to 42.2 from 43.5 in October. The expectations index, which measures consumers' assessment of the economy over the next 6 months, increased to 46.7 from 35.7 last month.

Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement, "The persistent declines in the present situation index suggest that the economy has weakened further in the final months of this year, but despite the improvement in the expectations index this month, consumers remain extremely pessimistic and the possibility that economic growth will improve in the first half of 2009 remains highly unlikely."