Consumer Confidence Retreats From 6-Year High
After reaching its highest level in more than six years, consumer confidence edged slightly lower this month. Americans are still optimistic about the future, but the Present Situation Index made a notable decline.
The Conference Board’s Consumer Confidence Index fell 1.6 percentage points to 82.3 in April, down from the upwardly revised 83.9 in March. It remained as the highest reading since January 2008. However, economists expected the index to come in around 83. The lowest point for the index last year was 58, in January, while the highest point was reached in June, at 82.1. During the Great Recession, the index averaged a dismal 54.
“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, in a press release. “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.”