The Consumer Confidence backed down slightly from its recent peak in March, now standing at 82.3, according to The Conference Board.
“Consumer confidence declined slightly in April, as consumers assessed current business and labor market conditions less favorably than in March,” said Lynn Franco, director of economic indicators at The Conference Board. “However, their expectations regarding the short-term outlook for the economy and labor market held steady. Thus, while sentiment regarding current conditions may have slipped a bit, consumers do not foresee the economy, or the labor market, losing the momentum that has been building up over the past several months.”
Reflecting this trend is the Present Situation Index, which is down to 78.3 from 82.5. Fewer people claimed business conditions were "good," and more said they were "bad." In terms of jobs availability, those saying jobs were "plentiful" edged down to 12.9% from 13.8%, and those saying they were "hard to get" increased to 32.5% from 31.4%.
Meanwhile, the Expectations Index largely flatlined, up slightly to 84.9 compared to 84.8 in March. Those expecting business conditions to improve over the next six months remained at their previous level of 17.4%, though 0.2% more people anticipated conditions to worsen. More people -- 0.9% -- are expecting more jobs in the months ahead, however, though 0.4% more people expect fewer jobs. The biggest increase was seen in those expecting a boost in income -- 17.1%, compared to 15.3% last month. However, those expecting a drop in their incomes also increased by 1.4%.
March's score of 83.9 was the highest level the index has seen since January 2008.