U.S. consumer confidence dampened slightly in April but remains high even as inflation concerns continue to cloud their optimism about the rest of the year.
FILE - A woman presses button to fill up a gas tank at a gas station in East Dundee, Ill., Saturday, March 19, 2022. The Conference Board, a business research group, said Tuesday, April 26, that its consumer confidence index which takes into account consumers assessment of current conditions and their outlook for the future edged down to 107.3 in April from 107.6 in March. – U.S.
The business research group’s present situation index, which measures consumers’ assessment of current business and labor conditions, also dipped modestly this month to 152.6 from 153.8 in March. “Purchasing intentions are down overall from recent levels as interest rates have begun rising,” said Lynn Franco, the Conference Board’s senior director of economic indicators. “Meanwhile, concerns about inflation retreated from an all-time high in March but remained elevated.”Franco added that inflation and the war in Ukraine will continue to eat into confidence and may further curb consumer spending through this year.
According to the index Americans have scuttled some vacation plans, but slightly more intended to make big purchases like a car or major appliance.
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