U.S. Consumer Confidence Index Drops To Lowest Level Since July 2022

(RTTNews) - A report released by the Conference Board on Tuesday showed consumer confidence in the U.S. deteriorated by much more than expected in the month of April.

The Conference Board said its consumer confidence index slid to 97.0 in April from a downwardly revised 103.1 in March. Economists had expected the index to dip to 140.0 from the 104.7 originally reported for the previous month.

"Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income," said Dana M. Peterson, Chief Economist at The Conference Board.

She added, "Despite April's dip in the overall index, since mid-2022, optimism about the present situation continues to more than offset concerns about the future."

The report said the present situation index declined to 142.9 in April from a downwardly revised 146.8 in March.

Meanwhile, the expectations index fell to 66.4 in April from a slightly upwardly revised 74.0 in the previous month.

"According to April's write-in responses, elevated price levels, especially for food and gas, dominated consumer's concerns, with politics and global conflicts as distant runners-up," said Peterson.