The Conference Board released a report on Tuesday showing a modest decrease in U.S. consumer confidence in the month of April.
The Conference Board said its consumer confidence index edged down to 107.3 in April from an upwardly revised 107.6 in March.
Economists had expected the consumer confidence index to dip to 106.8 from the 107.2 originally reported for the previous month.
The report showed the present situation index fell to 152.6 in April from 153.8 in March, while the expectations index inched up to 77.2 from 76.7.
“The Present Situation Index declined, but remains quite high, suggesting the economy continued to expand in early Q2,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Expectations, while still weak, did not deteriorate further amid high prices, especially at the gas pump, and the war in Ukraine.”
“Vacation intentions cooled but intentions to buy big-ticket items like automobiles and many appliances rose somewhat,” she added. “Still, purchasing intentions are down overall from recent levels as interest rates have begun rising.”
Franco continued, “Looking ahead, inflation and the war in Ukraine will continue to pose downside risks to confidence and may further curb consumer spending this year.”