US consumer confidence falls to 9-month low in April

(Reuters) – U.S. consumer confidence fell to a nine-month low in April led by a darkening outlook that augers a recession beginning in the near future, a survey showed on Tuesday.

The Conference Board said its consumer confidence index fell to 101.3 – the lowest since July 2022 – from a revised 104.0 in March. Economists polled by Reuters had expected the index to be unchanged from March at 104.0.

“While consumers’ relatively favorable assessment of the current business environment improved somewhat in April, their expectations fell and remain below the level which often signals a recession looming in the short-term,” said Ataman Ozyildirim, senior director of Economics at The Conference Board.

The share of consumers viewing jobs as “plentiful” ticked up to 48.4% from a downwardly revised 47.9% a month earlier, and the share of those describing them as “hard to get” edged down 11.1% from an upwardly revised 11.4% in March.

Consumers’ 12-month inflation expectations slipped to 6.2% from 6.3% last month.

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