US Consumer Confidence drops to 9-month low in April

MG News | April 26, 2023 at 05:50 PM GMT+05:00

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April 26, 2023 (MLN): U.S. Consumer Confidence Index (CCI) dropped to 101.3 in April to a nine-month low, data released by the Conference Board on Tuesday showed.

CCI shows how optimistic or pessimistic consumers are about the future economic situation

Market expectation for the index was at 104.0, while the figure for March was revised to 104.0, down from 104.2.

"While consumers’ relatively favorable assessment of the current business environment improved somewhat in April, their expectations fell and remain below the level which often signals a recession looming in the short-term," said Ataman Ozyildirim, senior director of economics at The Conference Board.

"Consumers became more pessimistic about the outlook for both business conditions and labor markets," he added.

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