U.S. Consumer Confidence Unexpectedly Hits a Four-Month Low
Source: Bloomberg
10:01 AM EDT
April 28, 2015
Consumer confidence unexpectedly declined in April to a four-month low as Americans’ views of the labor market and the outlook on the economy deteriorated.
The Conference Board’s index dropped to 95.2 from a revised 101.4 reading in March, according to data on Tuesday from the New York-based private research group. The gauge was lower than the most pessimistic forecast in a Bloomberg survey.
The fewest respondents in four months said jobs were plentiful in April and income expectations cooled, the report showed, signaling consumers will remain guarded about spending. The setback in sentiment may indicate demand will be slow to pick up after a stronger dollar, bad winter weather in some regions and a labor dispute at West Coast ports weighed on the economy in the first quarter.
“The big drop in gasoline prices looks like it’s over, and prices are edging up a little bit, so that’s a little bit of a negative,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York. “There is a little bit of acceleration under way in nominal wages, but it’s not a big deal so far.”
Read more: http://www.bloomberg.com/news/articles/2015-04-28/consumer-confidence-index-in-u-s-decreased-to-95-2-in-april
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