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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Consumer Confidence Reaches Highest Level This Year

Consumer confidence, which has been in the tank for months because of the recession, has reached its highest level of the year, according to new data out this morning.

The Consumer Confidence Index rose to 39.2 in April, up from 26.9 the month before. The data, based on a survey of 5,000 households across the country, showed consumers are less pessimistic about the future. In April, 25.3 percent of those surveyed said they believe business conditions will deteriorate over the next six months, down from 37.8 percent in March.

Consumers’ assessment of their current situation improved slightly, with the “present-situation index” rising to 23.7 from 21.9.

In a statement, Lynn Franco, director of the Conference Board Consumer Research Center, said the results show that “consumers believe the economy is nearing a bottom.”

Still, she added, that the index is far below levels associated with a growing economy.

--V. Dion Haynes

By Sara Goo  |  April 28, 2009; 11:30 AM ET
Categories:  The Ticker  
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