US consumer confidence slipped in April, though households planned to purchase automobiles and many appliances, which will enhance consumer spending in Q2.
Source: The Conference Board
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The Conference Board stated its consumer confidence index dropped down slightly to a reading of 107.3 this month from a slightly upwardly revised 107.6 in March.
Lynn Franco, senior director of economic indicators at The Conference Board, stated that The Present Situation Index deteriorated but remains quite high, signaling the economy continued to grow in early Q2.
Franco further stated that expectations did not weaken further amid high prices and Russia’s invasion of Ukraine.
The Conference Board’s measure of current conditions fell to 152.6, while the expectations index improved to 77.2.
Respondents’ views of current business conditions were mixed, and views on the labor markets were relatively flat.