Americans' Confidence In The Economy Held Steady In April [View all]
(04-24) 07:37 PDT New York (AP) --
Americans' confidence in the economy held steady in April from the previous month despite rising job cuts and falling home values.
The Conference Board, a private research group, said on Tuesday that its Consumer Confidence Index is at 69.2, down slightly from a revised 69.5 in March. Economists were expecting a reading of 70, according to a FactSet poll of analysts. The current level is below February's 71.6, which is the highest level it's been in a year.
Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity. The current level is significantly below the 90 reading that indicates a healthy economy. But it's well above its all-time low of 25.3 in February 2009.
"Consumer confidence was virtually unchanged in April, following a modest decline in March," said Lynn Franco, director of The Conference Board Consumer Research Center, in a statement. "Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic."