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U.S. Consumer Confidence Rebounds More Than Expected In April

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Consumer confidence in the U.S. rebounded by more than anticipated in the month of April, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence jumped to 129.2 in April after falling to 124.2 in March. Economists had expected the index to rise to 127.0.

"Consumer Confidence partially rebounded in April, following March's decline, but still remains below levels seen last Fall," said Lynn Franco, Senior Director of Economic Indicators at the Conference Board.

"Overall, consumers expect the economy to continue growing at a solid pace into the summer months," she added. "These strong confidence levels should continue to support consumer spending in the near-term."

The bigger than expected increase by the headline index came as the present situation index surged up to 168.3 in April after tumbling to 163.0 in March.

The report said consumers saying business conditions are "good" increased to 37.3 percent from 34.7 percent, while those saying business conditions are "bad" decreased to 11.7 percent from 12.4 percent.

Consumers' assessment of the labor market was also more upbeat, as those saying jobs are "plentiful" rose to 46.8 percent from 42.5 percent and those claiming jobs are "hard to get" dipped to 13.3 percent from 13.8 percent.

Reflecting an improvement in consumers' short-term outlook, the expectations index also rose to 103.0 in April from 98.3 in March.

The Conference Board said the percentage of consumers expecting business conditions will be better six months from now climbed to 19.9 percent from 17.2 percent, while those expecting conditions will worsen declined edged down to 9.1 percent from 10.0 percent.

Consumers' outlook for the labor market was also more favorable, with the proportion expecting more jobs in the months ahead inching up to 17.2 percent from 16.8 percent and those anticipating fewer jobs slipping to 13.2 percent from 14.3 percent.

Last Friday, the University of Michigan released a separate report showing consumer sentiment dipped by slightly less than initially estimated in the month of April.

The consumer sentiment index for April was upwardly revised to 97.2 from the preliminary reading of 96.9, although the index remains below the final March reading of 98.4. Economists had expected the index to be upwardly revised to 97.0.

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