The November Money Anxiety Index registered at 62.5, which is exactly where it stood on December 2007 when the Great Recession officially started. It took the MAI, which measures consumers’ financial stress, eight years to go back to its pre-recession level.

During the eight-year cycle, the MAI peaked in December of 2010 at 95.5 and started its gradual decline to its current 62.5 level. The MAI was faster on its way up than on its way down. It took the index only three years to reach its peak in December of 2010, and five years to go down to its current pre-recession level.

The decline in the level of money anxiety among consumers is a reflection of improving economic conditions. Among them is the latest jobs report showing that the labor market added 271,000 nonfarm jobs in October with healthy gains in construction, professional & business services, education & health and leisure & hospitality.

The timing of the decline in the level of money anxiety is also important. November is the gateway to the holiday shopping season, which is a critical time for retailers. The return of the MAI to its pre-recession level suggest that consumers are ready to spend more this holiday season than in any of the past eight years.