Consumer confidence up despite rising gas prices
NEW YORK -- Consumer confidence recovered somewhat in April, though the impact of rising gasoline prices is still evident, according to data released Tuesday by the Conference Board.
The confidence index hit 65.4 in April, from an upwardly revised 63.8 in March. The reading is still below the 72.0 mark of February.
“Consumers’ short-term outlook improved slightly, suggesting that the uncertainty expressed last month is easing,” said Lynn Franco, director of the Conference Board’s consumer research center. “Although confidence remains weak, consumers’ assessment of current conditions gained ground for the seventh straight month, a sign that the economic recovery continues.”
While expectations among consumers that business conditions will improve over the next six months declined to 18.8% from 20.8%, those anticipating business conditions to worsen decreased to 14.2% from 15.5%.
Consumers were mixed about labor market outlook for the next six months. Those expecting more jobs in the months ahead declined to 17.5% from 19.6%, while those anticipating fewer jobs declined to 19% from 20.5%.