Consumer confidence rebounded in November to its highest level since the spike in energy prices last summer, according to the Conference Board’s latest Index of Consumer Confidence.

Confidence rose for the second consecutive month, increasing by 8.5 points to 119.6.

“This is the rebound that we expected to occur once energy prices stabilized,” said Pedro Antunes, director of economic forecasting. “Not only is this improved confidence a good sign for the holiday retail season, it also indicates that consumer demand will remain robust in 2006, which will support overall economic growth.”

All four components of the Index improved in November and all regions of the country gained ground. The turnaround was greatest in Ontario, where the Index rose by 13.6 points following three consecutive monthly declines.

The survey was conducted between November 3 and 13.