April Consumer Confidence Index Falls; Drop is Third Straight
he Conference Board said Tuesday its index of U.S. consumer confidence declined to 97.7 in April from a revised 103 in March.
The drop was the third straight monthly decline and was below the 98 level analysts had expected, Bloomberg reported.
The consumer confidence index is a predictor of consumer spending. When people are feeling less confident about the economy, they are less likely to spend money, which decreases demand for trucking services.
The board’s index peaked in 2004 at 105.7 in July. The record was 144.7 in January 2000.
The proportion of consumers who saw jobs as plentiful fell to 20.4, from 21.8 in March. The level of those saying jobs were hard to get fell slightly, to 23.3, from 23.8 last month.
Consumers expecting to buy a home in the next six months rose to 3.9 from 3.8, while those expecting to buy an automobile was unchanged at 5.7. Those expecting to buy a major appliance rose to 31.5 from 30.8.
The Conference Board surveys 5,000 households on general economic conditions, their employment prospects and spending plans.
