Consumer Confidence in U.S. Rose More Than Forecast in April
By Jeanna Smialek - Apr 30, 2013
Confidence among U.S. consumers climbed more than forecast in April to a five-month high as Americans’ outlook for the economy and their incomes improved.
The Conference Board’s index rose to 68.1, exceeding the highest projection in a Bloomberg survey, from a revised 61.9 in March, data from the New York-based private research group showed today. Economists surveyed by Bloomberg forecast an increase to 61.
Gains in the stock market, an increase in property values and cheaper prices at the gas pump are helping stabilize household wealth. A growing share of consumers expecting a pickup in incomes may help fuel the pace of spending, which accounts for about 70 percent of the economy, in the second half of 2013.
“The fact that they feel a little bit wealthier will give them a little more leeway,” said Brian Jones, senior U.S. economist in New York at Societe Generale. Still, “you’re going to have a spring lull, and growth will reaccelerate in the second half of the year. I do think the labor market is genuinely getting better.”
Forecasts (CONCCONF) of the 72 economists surveyed by Bloomberg ranged from 54.5 to 66.5 after a previously reported 59.7 in March. The measure averaged 53.7 in the recession that ended in June 2009.
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http://www.bloomberg.com/news/2013-04-30/consumer-confidence-in-u-s-rose-more-than-forecast-in-april.html
