The Labor Department also reported Friday that prices rose 0.8% from October to November
The coming year could prove to be the strongest for the U.S. economy in decades, say economists
The U.S. saw inflation rise by 5% over the last 12 months, the biggest jump since 2008
Economists believe the rising confidence will bolster economic growth
Economists expect further price gains in coming months
Consumers' spending and personal incomes both fell sharply
The gain was the biggest in six months
Financial markets rebounded following the central banker’s comments
The Fed chair’s comments are in contrast to the increasing optimism about an economic rebound