Consumer confidence in the United States weakened further in April, the Conference Board revealed in its report on Tuesday. According to the report, the Consumer Confidence Index came in at 97.0 points from a downwardly revised figure from last month of 103.1.
The Present Situation Index slowed to 142.9 from 146.8 last month, while the Expectations Index fell to 66.4 in April compared to the previous month's revised figure of 74.0. The Expectations Index reading below 80 often indicates a recession within the following year.
"Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation and more concerned about future business conditions, job availability, and income," the board's Chief Economist Dana M. Peterson commented.
