By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) — A gauge of U.S. consumer confidence has declined for a second month, ticking down in April on lower expectations, even as views on the present situation increased, the Conference Board reported Tuesday.
The consumer-confidence index fell to 69.2 in April from a revised March reading of 69.5, according to the Conference Board, a private research group. A prior estimate had pegged March’s confidence level at 70.2.
“As was the case last month, the slight dip was prompted by a moderation in consumers’ short-term outlook, while their assessment of current conditions continued to improve,” said Lynn Franco, director of the Conference Board’s consumer research center. “Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic.”
Generally when the economy is growing at a good clip, confidence readings are at least 90.
Economists polled by MarketWatch had expected a reading of 70 for April. See economic calendar. Analysts say lower stock prices and higher jobless claims and gas prices are all taking a toll on consumers.
The Conference Board’s gauge for consumers’ expectations declined to 81.1 in April from 82.5 in March. Meanwhile, a gauge of consumers’ views on the present situation rose to 51.4 in April from 49.9 in March.
Elsewhere Tuesday, S&P/Case-Shiller reported that U.S. home prices dropped sharply in February to hit the worst level in almost a decade. Read more about home prices.
Ruth Mantell is a MarketWatch reporter based in Washington.
