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Consumer confidence, already at its lowest point in years, continued to decline in April, falling to 62.3, a 3.6 drop from March’s 65.9.
The Conference Board’s Consumer Confidence Index is compiled monthly from a survey of 5,000 representative U.S. households. Lynn Franco, Director of the Conference Board’s Consumer Research Center said that not only are lackluster business and job conditions eroding confidence, but rising gasoline prices undoubtedly are heightening concerns.
Franco said “The percentage of respondents intending to take a vacation in the next six months has fallen to a 30-year low, another sign of consumers turning more cost conscious. Looking ahead, consumers’ outlook for the economy, the job market and their income prospects remains quite pessimistic.”