United States’ consumer confidence fell to an indexed level of 120.3 in April according to the Conference Board, compared to 125.6 in March and an expectation of 122.9.
Despite the larger than expected decline, US consumer confidence is still relatively strong. Last April, the index recorded a level of about 90. The reading March marked a sixteen-year high for the figure, which was last higher in 2000.
Consumer confidence is watched closely as a leading indicator for consumer spending. So far, it would appear that many Americans have not yet lost confidence in President Trump despite a lack of policy achievements thus far. At the same time, the improvement in confidence has not been accompanied by any actual increases in spending or an acceleration in growth. Economists will have to wait to see whether the strong confidence, accompanied by later tax refunds, will mean strong consumer spending in the Spring.
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