Consumer confidence in the United States reached a 14-month high in April. The vaccine against Covit-19 was quickly supported by the mood of American families with new stimulus measures. This is according to a survey released by the Convention Board today.
The consumer confidence index rose to 121.7 points from 109 in March. It has reached its highest level since last February, when US consumers have not yet realized the effects of the spread of the corona virus. In addition, the rise in the index exceeded analysts’ expectations, with the Reuters poll estimating its April value at 113 points.
The assessment of the current situation recorded a sharp improvement in April, with its index rising from 110.1 points in March to 139.5 points. The expectation index, which monitors consumer feedback on improvements over the next six months, rose slightly from 108.3 points to 109.8 points.
Economists keep a close eye on consumer confidence data as they try to minimize future improvements in consumer spending. They provide two-thirds of the economic activity in the United States.
“Consumer confidence has risen sharply over the past two months“Said Lynn Franco, chair of the conference board’s economic indicators department.”Consumers are more optimistic about income opportunities due to improving labor market conditions and stimulus checksIn March, as part of new measures to support the economy, the U.S. government began sending checks to individual Americans worth $ 1,400 (approximately CZK 30,000).
The U.S. economy collapsed 3.5 percent last year from one of the most significant epidemics since 1946. Data on Gross Domestic Product (GDP) growth in the first quarter of this year will be released by the US Department of Commerce on Thursday. The United States is the largest economy in the world.
Source: CDK, Reuters