The Conference Board Consumer Confidence Index dipped in April after a steep decline in March.
The Index in April stands at 62.3 (1985=100), down from 65.9 in March. The Present Situation Index decreased to 80.7 from 90.6. The Expectations Index was virtually unchanged, 50.1 versus 49.4 in March.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. Anxieties over business conditions and the labor market contributed to the gloomy outlook, which was announced today by The Conference Board Consumer Research Center.
Consumers' inflation expectations continue to rise and this measure now matches the all-time high reached in the aftermath of Hurricane Katrina," says Conference Board director Lynn Franco. "The percentage of respondents intending to take a vacation over the next six months has fallen to a 30-year low, another sign of consumers turning more cost conscious."