US consumer confidence surprisingly rebounded in April as the forecast for jobs and wages was positive, but the level remains very low.
- The index for measuring confidence rose 10.6% in April from March and rose to 65.7 points, surpassing analysts who projected a further decline in confidence.
- The current economic conditions index jumped to 68.1 from 67.2 in March. That’s a 1.3 percent gain for the month but still leaves the index with a 46.7 drop since February 2020.
- The consumer expectations index rose by 9.8 points, rising to 64.1. The index is still off 28.0 points since February 2020.
Richard Curtin, a chief economist for the Surveys of Consumers, warned that there are still significant sources of economic uncertainty that could easily reverse the April gains.
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Source: University of Michigan