Consumer Behavior

Consumer confidence dipped big in April

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May 1, 2024

Consumer confidence failed to hit economist expectations in April, dipping big time to its lowest level in two years.

Reasons included inflation concerns and a bleak outlook regarding the job market, according to the Conference Board which tracks consumer confidence.

The board's confidence index hit 97, according to a Yahoo report. Projections by economists were for 104. March hit 103.1.

"Consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income," Dana Peterson, chief economist at the Conference Board, said in a press release.

"According to April's write-in responses, elevated price levels, especially for food and gas, dominated consumer's concerns, with politics and global conflicts as distant runners-up."

Consumer expectations for the second half of the year also took a dip, dropping to the lowest level since July 2022.