The Latest Conference Board Consumer Confidence Index was released this morning based on data collected through April 17. The 82.3 reading was below the 83.0 forecast of Investing.com and 1.6 below the March 83.9 (previously reported at 82.3). Despite the slippage, this measure of confidence has risen from its interim low of 72.0 in November and is the second highest since the end of the Financial Crisis.
Here is an excerpt from the Conference Board press release.
“Consumer confidence declined slightly in April, as consumers assessed current business and labor market conditions less favorably than in March,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “However, their expectations regarding the short-term outlook for the economy and labor market held steady. Thus, while sentiment regarding current conditions may have slipped a bit, consumers do not foresee the economy, or the labor market, losing the momentum that has been building up over the past several months.”
Consumers’ appraisal of current conditions pulled back moderately in April. Those claiming business conditions are “good” edged down to 21.8 percent from 22.6 percent, while those claiming business conditions are “bad” rose to 24.4 percent from 23.5 percent. Consumers’ assessment of the labor market was also slightly more negative. Those stating jobs are “plentiful” declined to 12.9 percent from 13.8 percent, while those saying jobs are “hard to get” increased to 32.5 percent from 31.4 percent.
Consumers’ expectations held steady in April. The percentage of consumers expecting business conditions to improve over the next six months was unchanged at 17.4 percent, while those anticipating business conditions to worsen increased marginally to 10.3 percent from 10.1 percent. Consumers were slightly more optimistic about the outlook for the labor market. Those expecting more jobs in the months ahead increased to 15.0 percent from 14.1 percent, while those expecting fewer jobs edged up to 17.9 percent from 17.5 percent. The proportion of consumers anticipating their incomes to grow increased to 17.1 percent from 15.3 percent, but those expecting a drop in their incomes also increased, to 12.9 percent from 11.5 percent.
