The Conference
Board reported on Tuesday its U.S. consumer confidence index plunged 6.1 points
to 97.0 in April from a downwardly revised 103.1 (from 104.7) in March. This
was the lowest reading since July 2022.
Economists had forecast
the consumer confidence index to come in at 104.0.
The details of
the survey revealed that the April decline in the headline index was driven by decreases in both
the present situation index (-3.9 points to 142.9 this month) and the expectations index (-7.6 points
to 66.4).
Commenting on
the results of the last survey, Dana M. Peterson, Chief Economist at The
Conference Board, noted that consumers became less positive about the current
labour market situation and more concerned about future business conditions,
job availability, and income. She added that April's write-in responses
revealed that elevated price levels, especially for food and gas, dominated
consumer's concerns, with politics and global conflicts as distant runners-up.