U.S. consumer confidence fell in April as views on current conditions turned a bit grimmer amid signs that inflation continues to surge.
U.S. consumer confidence unexpectedly fell in April as views on current conditions turned a bit grimmer amid signs that inflation continues to surge.to 107.3 from an upwardly revised 107.6 reading in March. The median forecast in a Dow Jones survey of economists called for the reading to rebound to 108.5.
“Still, purchasing intentions are down overall from recent levels as interest rates have begun rising. Meanwhile, concerns about inflation retreated from an all-time high in March but remained elevated. Looking ahead, inflation and the war in Ukraine will continue to pose downside risks to confidence and may further curb consumer spending this year,” Franco said.
Consumers were mixed about the short-term labor market outlook. The share of consumers expecting more jobs to be available in the months ahead fell to 17.4 from 17.6 in March and 19.4 percent in February. The share expecting fewer jobs rose to 18.9 percent from 18.0 percent in March.
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