Tags: consumer confidence | economy | jobs | hiring

Consumer Confidence Index in US Decreased to 95.2 in April

Tuesday, 28 April 2015 10:24 AM

U.S. consumer confidence fell this month to the lowest level in four months, knocked down by a slowdown in hiring.

The Conference Board says its consumer confidence index fell to 95.2 in April from 101. 4 in March, the lowest reading since December's 93.1.

Consumers' assessment of current economic conditions fell for the third straight month, and their expectations for the future fell as well.

Lynn Franco, the Conference Board's director of economic indicators, blamed "the recent lackluster performance of the labor market."

The American economy generated just 126,000 jobs last month, breaking a 12-month streak of at least 200,000 new jobs a month; 31 states registered job losses in March.

Consumers' view of the current job market deteriorated in April. They were also more likely to say that there would be fewer jobs and that their own incomes would be lower in six months. The share saying they planned to buy a car or a major appliance within six months fell. The decline in confidence hit all age groups.

Also weighing on consumers' spirits: Gasoline prices, which tumbled to a nationwide average low of $2.03 a gallon in late January, have bounced back up to $2.55 a gallon, according to AAA. That may be dampening the desire and ability of Americans to go shopping. Still, gasoline prices were more than a $1 higher, or $3.70, a year ago.

Economists believe that overall economic growth slowed to between 1 percent and 1.5 percent in the January-March quarter. They are forecasting a rebound to growth of around 3 percent for the rest of this year. The economy grew 2.4 percent in 2014.

Despite the drop this month, the confidence index is well above April 2014's 81.7.

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Economy
The Conference Board's index of consumer confidence unexpectedly decreased to 95.2 in April from 101.4 a month earlier, the New York-based private research group said Tuesday.
consumer confidence, economy, jobs, hiring
285
2015-24-28
Tuesday, 28 April 2015 10:24 AM
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