Consumer Confidence jumps to highest level since November
People more optimistic about short-term future
Furniture Today Staff — Furniture Today, April 28, 2009
NEW YORK — Consumer confidence jumped to 39.2 in April from 26.9 in March, mainly because more people are optimistic about their short-term future, according to The Conference Board's monthly survey.
It was the highest reading of the year (1985=100), the research group said. The survey is based on a sample of 5,000 U.S. households, with a cutoff date of April 21.
Lynn Franco, director of the Conference Board Consumer Research Center, said the gain was "driven primarily by a significant improvement in the short-term outlook. The Present Situation posted a moderate gain (to 23.7 from 21.9 in March), a sign that conditions have not deteriorated further, and may even moderately improve, in the second quarter.
"The sharp increase in the Expectations Index (to 49.5 from 30.2) suggests that consumers believe the economy is nearing a bottom. However, this Index still remains well below levels associated with strong economic growth," she said.
The overall Consumer Confidence Index is at its highest since November, when it registered 44.7