US consumer confidence deteriorates in April
10:25 am Tuesday, April 30th, 2024
WASHINGTON (Reuters) – U.S. consumer confidence deteriorated in April, falling to its lowest level in more than 1-1/2 years amid worries about the labor market and income, a survey showed on Tuesday.
The Conference Board said that its consumer confidence index fell to 97.0 this month, the lowest level since July 2022, from a downwardly revised 103.1 in March. Economists polled by Reuters had forecast the index little changed at 104.0 from the previously reported 104.7
“Confidence retreated further in April as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income,” said Dana Peterson, chief economist at the Conference Board in Washington.
“According to April’s write-in responses, elevated price levels, especially for food and gas, dominated consumer’s concerns, with politics and global conflicts as distant runners-up.”
Consumers’ inflation expectations were unchanged at 5.3%.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
