NEW YORK, April 28 (Xinhua) -- U.S. consumer confidence improved considerably in April, boosted by the hope that the worst may be over for the economy, according to a survey whose result was released on Tuesday.
The New York-based Conference Board said in a statement that its Consumer Confidence Index rose more than 12 points to 39.2, up from a revised 26.9 in March. The surprise jump easily passed economists' expectations for 29.5 and is the highest level since last November's 44.7.
The survey showed that consumers' short-term outlook of the economic conditions and job market improved substantially.
"Consumer Confidence rose in April to its highest reading in 2009, driven primarily by a significant improvement in the short-term outlook," Lynn Franco, director of the Conference Board Consumer Research Center, said in a statement. "The sharp increase in the Expectations Index suggests that consumers believe the economy is nearing a bottom, however, this Index still remains well below levels associated with strong economic growth."
The April jump in consumer confidence comes after a small increase in March, following a huge slide in February. The current reading remains well below the year-ago level of 62.8.
"The Present Situation Index posted a moderate gain, a sign that conditions have not deteriorated further, and may even moderately improve, in the second quarter," Franco said.
The market reacted positively to the survey result with Wall Street paring early losses.
Posts
