Consumer confidence retreats in April
Despite Aprilês steady auto sales, the Consumer Confidence Index gave back all its March gain and more in April, according to the Conference Board. And that was before the bad news that the GDP grew only 0.2 percent in the first quarter.
This monthês retreat was prompted by a softening in current conditions, likely sparked by the recent lackluster performance of the labor market, and apprehension about the short-term outlook, said Lynn Franco, director of economic indicators at the Conference Board. Consumersê optimism about the short-term outlook, which had rebounded in March, retreated in April.
There is little to suggest that economic momentum will pick up in the months ahead, said Franco.Download Bulletin PDF