Consumer Confidence Slips In April
Consumer confidence slipped in April, after showing an increase in March. The Conference Board’s Consumer Confidence Index stood at 94.2 in April, down from 96.1 the previous month.
“Consumer confidence continued on its sideways path, posting a slight decline in April, following a modest gain in March,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of current conditions improved, suggesting no slowing in economic growth. However, their expectations regarding the short term have moderated, suggesting they do not foresee any pickup in momentum.”
Consumers’ improved assessment of current business conditions is reflected in the percentage of those saying business conditions are “bad” declining from 19.2 percent to 18.1 percent. Moderating this result, those saying business conditions are “good” also decreased, from 24.9 percent to 23.2 percent. Similarly mixed is their take on the labor market. Those describing jobs as “plentiful” decreased from 25.4 percent to 24.1 percent, while those claiming they are “hard to get” also declined from 25.2 percent to 22.7 percent.
The short-term outlook is less optimistic, with the percentage expecting improving business conditions over the next six months slipping from 14.7 percent to 13.4 percent. Those anticipating business conditions to worsen climbed to 11 percent from 9.5 percent. Similarly, consumers expecting more jobs in the labor market decreased from 13 percent to 12.2 percent, and those anticipating fewer jobs climbed from 16.3 percent to 17.2 percent. The share of consumers predicting their incomes to increase slipped from 16.9 percent to 15.9 percent, and the proportion expecting a reduction in income also declined, from 12.3 percent to 11.2 percent.