-Lynn Franco, director of economic indicators at Conference Board
US consumer confidence unexpectedly fell this month amid a slowdown in job creation and concerns about near-term economic outlook. According to the Conference Board, its index of consumer confidence slumped to the lowest level in four months at 95.2 in April, down from a revised 101.4 in the previous month, which had been originally reported as 101.3. In contrast, market expectations were for the index to inch slightly higher to 102.6. The present situation index, a gauge that shows consumers' assessment of current economic conditions, plunged to 106.8 from a revised 109.5, first reported at 109.1. Consumer expectations for economic activity over the next six months plunged to 87.5 from 96.0.
Americans said jobs were less plentiful after payrolls increased in March at the slowest pace in more than a year. The survey revealed 19.1% of consumers in April thought jobs are "plentiful," compared with 21% in March. Another 26.4% described jobs as "hard to get," up from 25.5% last month. The share of respondents expecting more jobs will be created in the next six months declined to 13.8% this month from 15.3% in March. The Commerce Department's GDP report later today is forecast to show first-quarter personal consumption rose at the slowest pace in a year. Monthly data on retail sales indicated the uneven nature of consumer spending.
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