Consumer Confidence: Modest Retrenchment

Bottom Line: The consumer confidence index pulled back modestly in April after hitting 16+ year highs in March. The level of the confidence index and all its components remain high. The index, at 120.3, is equal to its three month average of 120.4. Consumers' assessments of both the present situation and expectations declined modestly in April but remain at high levels. Additionally, details were modestly less positive as 6-month outlooks for business fell modestly, outlooks for income fell modestly and employment fell modestly. Consumer Confidence FELL by 4.6 points in April to 120.3, compared with market expectations for a decline to 122.5. The index is now 27.0% ABOVE its year ago level. Present Situation Index FELL by 3.3 points to 140.6. The index is 20.1% ABOVE its year ago level. The Expectations Index FELL by 5.6 points to 106.7. The index is 33.9% ABOVE its year ago level. The labor differential, the percentage of respondents who said jobs are “hard to get” from the percentage who said jobs are “plentiful” , moved lower by 1.1 points to 11.7.