WASHINGTON: US consumer confidence fell more than many predicted in April, fueled by a deterioration in expectations among Americans over 55 and households with annual incomes over $50,000, according to survey data released Tuesday.
The pessimistic results may ease some of the pressure on the Federal Reserve as it prepares to consider raising interest rates for the tenth time in a row next week in order to control rising prices.
The consumer confidence index fell in April to 101.3, down from a revised 104.0 in March, the Conference Board said in a statement. This was below the median forecast in a MarketWatch survey of economists.
Consumers’ expectations “fell and remain below the level which often signals a recession looming in the short term,” Ataman Ozyildirim, senior director of economics at The Conference Board, said in a statement.
“Compared to last month, fewer households expect business conditions to improve and more expect worsening of conditions in the next six months,” he said.
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