New York, NY, United States (4E) – Confidence among consumers in the U.S. dropped in April as they are less optimistic about the current economic conditions, according to data from a private research group released Tuesday.
The Conference Board’s consumer confidence index dropped to 82.3 in April from a revised 83.9 in the earlier month, which was initially reported as 82.3. The reading in April is below the forecast by economists surveyed by The Wall Street Journal who called for 83.0.
Tuesday’s result shows consumers are more cautious, particularly about the job market. The present situation index, which measures consumers’ view of the current economy, dropped to a three-month low of 78.3 in April from a revised 82.5 in March, initially estimated at 80.4.
Consumers’ assessment for economic activity over the next six months almost stayed flat at 84.9 from revised 84.8 in March, originally estimated at 83.5, which was a significant increase from 76.5 in February.
Over the next six months, consumers have mixed feelings about income and employment. The percentage of people expecting more jobs in the future climbed to 15.0 percent from a 14.1 percent estimate a month ago. Those expecting their incomes to increase in the next six months stood at 17.1 percent and 12.9 percent anticipate their incomes will decline.