Source: The Conference Board
Consumer confidence posted a slight decline in April, but this may be hit by the ongoing conflict between Russia and Ukraine and the inflationary uptick. QQQ is down 2.88%, while SPY is down 1.84%.
- The Consumer Confidence Index stood at 107.3 in April, down from 107.6 in the previous month.
- The Present Situation Index, which assesses current business and labor market conditions, declined to 152.6 from 153.8 in March.
- The Expectations Index, which considers the outlook for income, business, and labor conditions, increased to 77.2 from 76.7.
- Senior Director of Economic Indicators Lynn Franco said the present situation index remains high, indicating that economic growth continued into the second quarter.
- Vacation and purchasing intentions declined, as inflation concerns remained high but down from the all-time high in March.
- Franco said downward risks to consumer confidence include inflation and the tensions in Ukraine, which could also dampen spending for the year.