Source:
RTTNEWS(RTTNews) - Reflecting a significant improvement in consumers' short-term outlook, the Conference Board released a report on Tuesday showing that its consumer confidence index increased by much more than economists had been expecting in April.
The report showed that the consumer confidence index jumped to 39.2 in April from an upwardly revised 26.9 in March. Economists had expected the index to increase to 29.7 from the 26.0 originally reported for the previous month.
Lynn Franco, Director of the Conference Board Consumer Research Center said, "Consumer Confidence rose in April to its highest reading in 2009, driven primarily by a significant improvement in the short-term outlook."
While the present situation index edged up to 23.7 in April from 21.9 in March, the expectations index surged up to 49.5 from 30.2.
"The sharp increase in the expectations index suggests that consumers believe the economy is nearing a bottom," Franco said. "However, this index still remains well below levels associated with strong economic growth."
Read more:
http://www.rttnews.com/Content/ForexTopStory.aspx?Node=B3&Id=926886